Key Points
- On-chain data reveals that Ethereum may not reach $6,000 this cycle.
- Market analysts revised predictions due to reduced ETF inflows and selling pressure.
- Ethereum risks breaking below the $2,455 support level in the short term.
- The Pi Cycle Top model now sets Ethereum’s peak below $6,000.
The ethereum price target of $6,000, once a hopeful prediction, is now slipping away due to shifting market dynamics.
On-chain data highlights growing challenges for Ethereum (ETH), suggesting that this ambitious price goal may no longer be achievable during this cycle.
With Ethereum currently struggling to maintain momentum, and Bitcoin (BTC) outpacing it, many analysts have scaled back their projections. The current Ethereum price target reflects a more conservative outlook, with crucial support levels now at risk.
Ethereum (ETH) $6,000 Price Goal Falls Off the Table https://t.co/FOmtHp8S70
— Maxx Paine (@otpyrc619) October 19, 2024
Difficulty in Attaining Price Target of $6000 for Ethereum Any Time Soon
It was anticipated by some analysts that Ethereum would be able to reach a price target of $6000 because other favorable conditions had also emerged and this was assumed to bring more attention towards blockchain technology.
That position, however, changed in recent days with analysts such as Glassnode, stating that it will be a long time before this Ethereum price target of $6,000 can be pursued again.
One of the primary reasons for this position change has been the diminishing appetite for Exchange-Traded Funds (ETFs) targeting Ethereum.
With the combination of the decline in ETF interests and selling pressure, Ethereum price growth was not realized.
For the immediate term, Ethereum’s prices may dip below the key support level at $2,455 which may trigger further downward movement in price to $2,186 from present levels of $2,603.
ETH price prediction 2025: Is there Hope for Ethereum Recovery?
Technical indicators such as the Pi Cycle Top had initially anticipated Ethereum to surpass its previous heights.
Nevertheless, as Bitcoin Price (BTC) has been on the rise in the last few months, a booming interest in Bitcoin has attracted most investors away from Ethereum.
The 350-day Simple Moving Average (SMA), which indicates price tops rather accurately, indicates a level of $5,699 which is the maximum possible price for Ethereum which falls short of the much-coveted $6,000 target.
Even short-term rallies in the price of Ethereum will not help it achieve its price targets due to this cap.
A spiraling down of ETH’s price target beneath the expected levels serves as a warning to investors that they should prepare for tougher times in the market.
Should ETH fail to hold on to these key support zones, it would take the price in the next cycle to get back to $6,000 which may lead many investors having to rethink their investment plans.
