Analysts indicate that Ethereum (ETH) is poised for a potential rally above $3,000, as indicated by a bullish inverse head-and-shoulders pattern observed in its daily chart. Some predict that with this momentum, ETH could reach an all-time high of around $4,000 before the year's end, with expectations for further increases in the first quarter of 2025. However, the current performance of Ethereum reveals a significant downtrend, having decreased over 36% from its March high of $4,111. Some analysts highlight that Ethereum's struggles in maintaining innovation could contribute to this sluggish price action. Notably, a different technical perspective suggests a possible correction to $2,400 might occur. According to another trader's assessment, forming a diamond reversal pattern may lead to a price objective around $2,485, especially if a support close is confirmed. Furthermore, the relative strength index (RSI) indicates that ETH is nearing a potential correction, having crossed the 60-mark in previous instances, leading to significant price pullbacks.

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