Bitcoin‘s price has been fluctuating, recently surpassing $43,400, while altcoins have seen over 3% gains, with some like MINA experiencing double-digit increases. Ethereum (ETH), however, shows modest growth amidst this upward trend in the crypto market. This raises questions about ETH’s future price movements and the predictions from experts in the field.
Ethereum’s Market Performance and Predictions
ETH has been on a gradual incline since June 2022, with the price forming three higher lows on the weekly chart. The rate of increase picked up after the last low in October. The anticipation of spot ETH ETF applications has pushed the price over $2,717, but a bearish sentiment in the market led to a significant pullback, casting doubt on the sustainability of the recent breakout.
Despite the market’s negative sentiment, some analysts remain optimistic. Income Sharks predicts that ETH could trend towards $3,500, especially with the SEC’s upcoming decision on ETFs mid-year, potentially mirroring the BTC ETF scenario. Other analysts, like Eliz883 and Inmortalcrypto, set their targets around $2,400 to $2,500, expecting a breakout from the current resistance levels.
ETH’s price deviation at $2,375 has introduced a bearish outlook on the daily chart, with the price stagnating in this range for 54 days. The RSI, which had been above 50 since ETH’s rise from $1,500 in October 2023, suggests that the uptrend has paused for the moment.
The future of ETH’s price hinges on the RSI’s retest of the neutral zone. A climb back to $2,375 could open the doors to higher targets of $2,700 and $3,000. Conversely, a decline could lead to a retest of the $1,900 level, signaling another bearish phase for Ethereum.