The altcoin king is currently the biggest player in the ecosystem but has not been able to generate as strong price increases as its competitors. While this does not mean that it is inferior to others, the greater growth potential seen in its competitors encourages investors to turn to them. This does not mean that there is demand for Ether, but with its massive community, Ethereum is still the largest smart contract platform.
Ethereum (ETH)
After surpassing $38,000 and dropping to $37,700, the BTC price looks promising. Meanwhile, the ETH price is at $2,100. Although the ETH price has not been satisfactory since the beginning of October, it has been steadily increasing. As the recovery continues, the 203-day resistance level has also been surpassed. Of course, the spot ETH ETF applications made by BlackRock and Fidelity have a significant role in this movement.
On November 10th, the ETH price reached $2,136, setting its annual peak (BTC reached its ATH level on November 10th, 2021.) Despite the fluctuations due to events in the cryptocurrency markets, the price started to rise again as of November 17th. With the positive developments this week, ETH is now hovering around $2,100 again.
So, what are the predictions of analysts? Big Cheds believes that the price will continue to rise towards the highest level of the year and the ongoing breakout will lead to new highs. Crypto Scient stated the following:
“Yesterday was a perfect S/R reversal and we are going higher. $2,045 was an important level for short-term continuation. We turned it around, and the price is now moving towards local peaks. It would not be surprising for the price to test $2,300. Long-term closings above $1,930 strengthen my bullish sentiment.”
ETH Price Forecast
The bullish expectation is reinforced by the Elliott wave count on the daily chart, BTC performance, and ETH RSI. We see that ETH has completed a five-wave upward movement and the subsequent A-B-C correction. If the count is correct, it is likely that the king of altcoins will extend its rally to the next strong resistance at $2,530.
The hidden bullish divergence in the RSI and the preservation of $2,100 at the time of writing are positive signs. Despite this bullish prediction, closings below $1,906, the peak of wave C, can lead to a decline towards $1,840.
In the most optimistic scenario, the ETH price can target $3,000 with weekly closings above $2,530, which is not an unrealistic target compared to the bottom it saw in November.
