Ethereum (ETH), the second-largest cryptocurrency by market cap, has ascended beyond the $2,830 mark, signaling a robust uptrend. This rebound aligns with Bitcoin‘s (BTC) surge and reflects a positive sentiment driven by multiple factors. Analysts have been optimistic about Ethereum’s prospects, particularly envisioning a strong performance for 2024. Currently, the focus shifts to the short-term forecasts for February and March.
Ethereum’s Price Rally and Market Sentiment
Since mid-2022, Ethereum has been on a steady recovery path, with significant separation from its low point in March 2023. The asset saw a crest at $2,717 in January 2024 but faced a pullback due to profit-taking by investors. Ether has now established a fresh high at $2,867 in 2024, with the Relative Strength Index (RSI) indicating strong buying momentum, hinting at the possibility of reaching even higher levels.
An anonymous analyst, Zsuirad Nezrok, predicts that Ethereum’s price could hit the $3,000 mark before the month’s end. This forecast is buttressed by the current market trend, which appears more favorable than the day before. Additionally, the Noblecoins community anticipates a significant comeback for altcoins paired with Ethereum’s surge.
Future Price Trajectories and Potential Outcomes
Ethereum’s price has managed to breach a significant resistance that persisted since May 2021. A sustained close at high levels this week could signal the start of a parabolic upswing. For Ethereum to reach for the next resistance level, it should maintain its momentum and potentially test prices around $3,600.
However, if Ethereum were to close below $2,500, the market could see a steep decline to as low as $1,800. Meanwhile, the ETHBTC chart analysis suggests that maintaining the $0.054 level could lead Ethereum to reach between $0.058 and $0.06. If this coincides with BTC priced at $52,000, Ethereum would need to surpass $3,100 to align with these targets.