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Altcoin king surpasses $2,000 with BlackRock news, but BTC volatility hinders new peaks. Long-term price increase significant due to ETF applications by Fidelity and BlackRock. However, short-term performance is tied to market sentiment. After the PoS transition, ETH did not perform as expected.
Ethereum (ETH) Analysis
ETH price began recovering in October and during the rise, it surpassed the descending resistance line from the April 16 peak of $2,140. It has not yet retested the trend line for support. The altcoin king made a lower peak on November 24 and is currently a victim of profit-taking, as indicated by the long upper wick.
Analyst ColdBloodShill wrote that the price could fall to $1,900 before rising. Satoshi Flipper is among those who believe ETF applications will eventually motivate investors.
“When spot ETFs are launched, a ton of institutional capital will flow into Ethereum. The time for this to reflect on the price is coming.”
Lastly, analyst CryptoBusy stated that the tough resistance is at $2,100, predicting that this level will soon be broken for the last time, leading to an impressive surge. Currently, the ETH price is at $2,012, and as long as BTC remains under $37,000, the resistance area could be out of reach.
ETH Price Prediction
Ethereum price charts with applied Elliot wave counts have yielded good results in the past. The latest chart shows ETH price in the C wave of an A-B-C corrective structure, following a five-wave upward movement that began in October.
According to this, it seems likely that the price will test the $1,900 level as indicated by ColdBloodShill. However, it’s uncertain what development will trigger this. The most likely scenario involves BTC dipping to $35,000 when this happens.
If the C wave extends to 1.61 times the length of the A wave, ETH could fall to the $1,760 support level, a 13% drop from the current price. But if the price closes above the peak of the B wave at $2,136, it could rally towards $2,500.
- ETH faces volatility and uncertain performance.
- Analysts predict significant price movements ahead.
- Technical analysis suggests possible future support.
