Ethereum’s growth trajectory seems poised for an upswing as the market anticipates potential developments, including an Ethereum spot ETF. The market’s stability, alongside Bitcoin‘s, could be attributed to the successful Dencun upgrade testnet on February 7th, igniting optimism for Ethereum’s near-term performance.
Ethereum’s Price Forecast by AI
CoinCodex, utilizing its artificial intelligence system, projects that Ethereum’s price might slightly decline to $2,273 by the end of February, representing a modest decrease from its current price of $2,322.
Expert Insights on Ethereum’s Potential
Real-world events may also significantly influence Ethereum’s price. A prominent figure in the cryptocurrency community, Michael van de Poppe, predicts that with the potential spot ETF approval and other key developments, Ethereum’s value could soar to between $3,500 and $4,000 in the next few months.
Challenges to Ethereum’s Price Surge
Despite bullish predictions, some indicators suggest a bearish trend for Ethereum. Crypto analyst Poseidon warns of potential downward pressure, stressing the importance of a strong close above current levels for sustained growth. Failure to achieve this could lead to a dip back to around $2,100.
Currently, Ethereum is trading at $2,315, experiencing a 1.79% rise over the past day and a 4.46% increase over the past week. The cryptocurrency’s support and resistance levels are closely watched, with immediate figures at $2,104 and $2,401, respectively.