Ethereum (ETH) Price continues to present a negative feeling because it hovers at its lowest levels in 2023 compared to the US dollar. He crashed into his 2020 hollows against Bitcoin and a record record against Solana. However, a counterprinted crypto analyst expects the price ETH bouncing, citing a similarity with the Bitcoin model that pushed it to $ 100,000.
Ethereum price set for overvoltage because the reason reflects the Bitcoin performance
Ethereum Price is negotiated today at $ 1,835, which has increased by 32% compared to its April levels. Although this recovery is good, he shows signs that he has trouble recovering the level of crucial resistance at $ 2,000. Such a decision would probably attract more bulls that make it much higher this year.
A crypto analyst has identified a close similarity between daily life ETH price board and three -day bitcoin graphic and predicts that he will have a strong bullish escape in the coming months or weeks.
The graph below shows that the Bitcoin price formed a double-top model in 2021 and 2022, leading to an accident of $ 69,000 in 2022 to a lower $ 15,522 at the end of 2022. It crossed the neck of this model at $ 29,361. After staying below the neckline for months, the play organized a strong bull race which pushed it to a record summit of $ 109,300 earlier this year.
The Daily ETH Prix Table also has the same graphic model. He formed a high -top model at $ 4,086. The first peak took place in March of last year, and the second occurred in November in the middle of the Crypto Market rally.
Ethereum Price then fell below the neck at $ 2135 in March and had trouble going up. Therefore, if everything works well as it did with Bitcoin, it means that the ETH will also organize a very return later this year. Such a decision would probably propel him to $ 4,000 or the ETH prediction by Justin Sun of $ 5,000.
Potential catalysts for the price of ETH to increase
Ethereum Price would need a few catalysts so that its price soar this year. Like other altcoins, it needs the value of Bitcoin to increase. Fortunately, analysts see this scenario occur. For example, Robert Kiyosaki sees the Bitcoin Prize reaching $ 200,000, while ARK Invest expects it to reach $ 2.4 million by 2030.
In addition, the price of ETH would also increase if the macroeconomic image improves. A American-Chinese commercial dealAssociated with federal reserve rate drops, would also propel it higher.
Internally, the next Fusaka Hard fork can be a good catalyst. He must also start obtaining market share in industries like Dex, where he loses ground because of chains like Base and Solana.
Frequently asked questions (FAQ)
The techniques suggest that ETH price has formed a model similar to what Bitcoin did a few years ago. This indicates that he could possibly skyrocket in the coming months.
The downward trend of ETH will become invalid if it crosses the neck of the double high model at $ 2,136. Such a decision would signal a jump to $ 3,000.
Ethereum needs a favorable cryptography market for the rally to continue. A strong bitcoin thrust, like analysts, will push it above.
crispus
Crispus is an experienced financial analyst of Coingappe with more than 12 years of experience. It focuses on bitcoin and other altcoins, covering the intersection of news and analysis. His ideas were presented on renowned platforms such as Banklesstimes, Coinjournal, Hypeindex, Seekingalpha, Forbes, InvestingCube, Investing.com and Moneytransfers.com.
Warning: The content presented may include the author's personal opinion and is subject to the market state. Do your market studies before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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