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Ethereum, the largest altcoin by market value, is currently the biggest smart contract platform, but there’s a problem. Since the last bear season, its price performance has been weak against BTC, and it has not been able to initiate the significant rallies that were expected. During the oversold period, the price fell below $1000 and lagged behind the general market recovery. So, what happens next?
Ethereum Price Prediction
BTC price may have returned to its December 2021 levels, but Ethereum has still not even surpassed $3,000. Moreover, if this disproportion continues, even when BTC reaches its ATH levels, ETH could remain well below its peak. Is there no good news at all? Ethereum’s price has increased since June 2022, although not as much as expected.
In November 2023, it broke free from a long-term horizontal resistance zone and rose to a peak of $2,717 in January 2024. After a short decline, ETH attempted a new trial last week but failed to retest the peak.
The RSI on the weekly chart suggests we might see a pause after the recent rise. Indeed, as the BTC price starts to move away from $50,000, we may see more fluctuations in the coming hours.
Ethereum Price Forecast
The readings on the weekly chart are not great, but what about the daily chart that better reflects the latest rise? Let’s first look at the current Ether predictions by analysts. An analyst known as InmortalCrypto says that the bear season accumulation phase is over and we can expect faster rises. OnChainDataNerd, on the other hand, was worried and wrote:
“Ethereum co-founder Jeffrey Wilcke (@jeffehh) deposited 4,300 $ETH (10.7M $) to Kraken at $2482. This is concerning, especially considering that on June 5, 2023, just before the market crash, he deposited 22K $ETH (41.1M $) at $1870 to Kraken.”
Analyst CryptoAnup is targeting $10,000 in the upcoming bull rally. Lastly, MTI_Trading pointed out the recent short-term breakout, suggesting it could be the start of the road to $3,000.
The readings on the daily chart are more optimistic, and closures above $2,510 could overcome the general resistance, potentially initiating a new move to $3,350. However, in the opposite scenario, a drop to $2,380 and $2,300 could be seen.
