Ethereum, the largest altcoin by market value and the leading smart contract platform, hosts the most popular protocols and applications. The total value locked in the network exceeds that of all competitors. However, the ETH price is not growing as fast as its rivals. Given its massive market value, it’s normal not to see triple-digit daily gains. But is an all-time high (ATH) possible?
Ethereum (ETH)
At the time of writing, the ETH price is at $3,411, having risen to $3,522 the day before. Since June 2022, the ETH price has been fluctuating within a long-term rising parallel channel and has seen two unsuccessful breakout attempts. We finally witnessed this breakout in the historic month of February.
Yesterday, ETH reached its highest price since March 2022 at $3,522, and the weekly RSI supports the continuation of the rise. As the RSI remains above 50 and increases along with the price, the belief in reaching $4,000 strengthens.
ETH Price Prediction
So, what are crypto analysts targeting for the ETH price? An analyst known as Altstreetbets predicts ETH could rise to $5,500, supporting this with the Elliott Wave Theory. InmortalCrypto suggests $10,000 is a reasonable target for ETH. The medium-term target for analyst IncomeSharks was around the $3,500 region.
The fourth crypto analyst, Byzantine General, summarized his view on ETH’s rise as follows;
“But everyone says ETH is already overvalued and can’t rise anymore. No, brother. Only a small, critically ill portion of this niche community on Twitter thinks this way. This is nothing in the grand scheme of things.”
Considering overvaluation in terms of market value and the ETHBTC pair, peaks above $5,200 seem very reasonable under current conditions. If the BTC price reaches six-figure levels, then $10,000 could be a reasonable peak for ETH.
The daily video suggests a bullish outlook due to Elliott Wave counting. The most likely wave count indicates that ETH is in the third wave of a five-wave upward movement, targeting $4,550 if the $3,640 resistance is breached. However, if the resistance cannot be overcome, a drop to $3,000 could occur.
