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Volumes continue to decline, making the market unpleasant for cryptocurrency investors. We have experienced similar periods many times before. After volumes have eroded and shallow volatility has dampened spirits in the past, there have been significant price movements. Now, a senior crypto trader claims that a similar move could happen for ETH Coin.
Ethereum (ETH) Price Prediction
A senior crypto trader known as Altcoin Sherpa recently shared his latest predictions about the markets. The focus was on Ethereum‘s native cryptocurrency, ETH. Despite negative inflation and massive network updates, the price has not permanently surpassed $2,000, and Altcoin Sherpa makes a bold prediction.
“It wouldn’t surprise me if the ETH price reaches $2,500 and then drops to $1,500. And then we will just fluctuate. There will be some major rallies within this range. We may start seeing significant price fluctuations.
In my opinion, we won’t see $1,000 again, but it wouldn’t surprise me if it drops to $1,500 by the end of the year. I think this is definitely possible. However, we will receive more signals about this in the coming weeks.”
ETH Price Forecast for 2023-2024
The chart shared by the senior crypto trader suggests that the price will reach $2,500 around November. In January, Altcoin Sherpa expects the price to hit the $1,500 target. By March 2024, the price surpasses $1,800 again.
The crypto trader also states that ETH’s price movement does not convincingly form a bull cycle.
“I think there is currently a fluctuating consolidation range. Personally, I don’t think there is a convincing strong movement. You can say it has a bullish market structure because there are higher peaks and higher lows, but it’s not very convincing in terms of the peaks not convincingly breaking previous highs. The same applies to the lows.”
At the time of writing, the ETH price finds buyers at $1,849. While the altcoin king continues to rise by 0.21%, volumes remain at historic low levels.
