Will Ethereum Bounce Back? Crypto Analysts Discuss Potential Price Recovery
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In the past week, Ethereum (ETH) has dropped 9.3%, falling from $3,630 on January 3 to $3,235 at the time of writing. While ETH is striving to defend the psychologically significant support level at $3,000, some crypto analysts remain confident that the digital asset’s long-term price trajectory is bullish.Can Ethereum Recover? Analysts Weigh InWhile the current crypto bull market saw Bitcoin (BTC) create multiple historical new all-time highs (ATH), Ethereum’s price action remained relatively muted. Notably, ETH’s ATH of $4,878 recorded in November 2021 remains intact.However, ETH’s subpar price action during the current market cycle has not dampened crypto analysts’ hopes for a bullish trend reversal. For instance, several analysts are closely monitoring the inverse head-and-shoulders pattern forming on the 3-day Ethereum chart.While a standard head-and-shoulders pattern is typically bearish, an inverse head-and-shoulders pattern is considered bullish, signaling a potential reversal in the asset’s price trend. Analyst MikyBull recently highlighted this formation in a post on X.Crypto analyst Wolf, corroborated MikyBull’s bullish prediction. In their analysis, Wolf highlighted that a successful completion of an inverse head-and-shoulders pattern could propel ETH to as high as $7,200.Seasoned cryptocurrency analyst Ali Martinez added that a downswing to $2,900 would be “very bullish for Ethereum,” creating an excellent buying opportunity before ETH climbs to new ATHs. Martinez further noted that if ETH continues to follow its ascending parallel channel, a dip to $2,800 could provide a solid foundation for the next upward move.Meanwhile, cryptocurrency and forex trader Merlijn The Trader identified a bullish Moving Average Convergence Divergence (MACD) signal on Ethereum’s 4-hour chart. This indicates that momentum could be shifting from bearish to bullish. According to Merlijn, this momentum shift might push ETH to the $3,700 price level.Will ETH Hit A New ATH In 2025?At the time of writing, ETH is trading approximately 33% below its ATH price. However, the rising institutional interest in the digital asset – particularly after the US Securities and Exchange Commission (SEC) approved spot ETH exchange-traded funds (ETF) – could provide ETH the required momentum to eye new ATH.A recent report by Steno Research predicted that ETH is poised to outperform BTC in 2025, with price projections as high as $8,000. However, not all are convinced of a bullish 2025 for ETH.To conclude, Ethereum must first surpass the critical resistance level at $4,000 before it can set its sights on achieving new ATHs. At press time, ETH is trading at $3,235, up 0.1% in the past 24 hours.Weiter zum vollständigen Artikel bei NewsBTC
Quelle: NewsBTC