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Bitcoin price volatility continues, with a slow but steady increase surpassing $43,400. Altcoins are continuing the day with gains over 3%. While some altcoins like MINA are achieving double-digit gains, ETH is showing weak growth. So, what are the current predictions for ETH, and what will the price be?
Ethereum (ETH)
On the weekly chart, the altcoin king by market value, ETH, has been gradually rising since June 2022. The price formed three higher lows and the rate of increase accelerated after the last low in October. This month, with the expectation that spot ETH ETF applications will occupy the agenda even more, ETH’s price surpassed $2,717.
However, ETH could not continue the rally and was significantly affected by the negative sentiment in the general market. The bearish candle formed last week invalidated the recent breakout, dampening the bulls’ enthusiasm.
The RSI presents complex readings and the hidden bullish divergence supports doubts about the cancellation of the previous breakout.
ETH Price Prediction
So, what is the expectation of popular cryptocurrency analysts regarding the price? Income Sharks suggests that the ETH price will gradually move towards $3,500. By the middle of this year, the SEC will make its final decision on ETFs, which could lead to a scenario similar to the BTC ETF story. This could push the ETH price to $3,500.
Although most altcoins have seen massive increases from their lows, ETH has seen limited growth with its massive market value despite all the positive developments. Moreover, it continues to linger in the low region in BTC parity. Eliz883 is targeting $2,400 with a breakout from the decreasing resistance trend line. The third analyst, Inmortalcrypto, similarly targets $2,500.
ETH price’s deviation at $2,375 is causing the price outlook to be bearish on the daily chart as well. The price, which has been trading in this range for 54 days, has ended its rise according to the RSI for now.
ETH started its upward movement from $1,500 in October 2023, and the RSI rose above 50, managing to stay there until things turned around on January 22.
If the RSI retests the neutral zone, the price could climb back to $2,375. Closures above this could target $2,700 and $3,000. In the opposite scenario, the decline will accelerate, and we will experience another period where $1,900 is tested again.
