Ethereum is the second largest cryptocurrency in terms of market capitalization. It’s currently going through a correction period. After the Bitcoin Halving nearly all major altcoins experienced halving jitters. ETH, and many other altcoins, hit new lows.
CoinMarketcap states that Ethereum’s price has dropped 10% during the last one month. The token, which is currently trading at 2,912 dollars, has seen a 0.30% increase at the time of publication.
Ethereum’s low trading levels are forcing analysts to give a basic explanation of why ETH trades at a slow pace.
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Ethereum Correction Phase
Michael Van De Poppe has returned with another Ethereum analysis. The expert explained how Ethereum’s hovering price at $2.900 shows that it is at the end of correction. It’s testing the surface tension.
A correction, in trading terms, is when cryptocurrency assets drop from their price during a trend upwards. Corrections are a temporary drop in price while keeping the pace of an asset.
Van De Poppe says that Ethereum is currently testing $2,900. Once ETH is able to surpass such levels and reach new prices, the cryptocurrency can be positioned at a higher price. next Few Weeks
“Ethereum is at the end stage of the correction. There’s around 10% more to go down on it, as then we’re reaching a higher timeframe support level. The good times are there in a few weeks.”
Ethereum May Forecast
Crypto analytics platforms are also predicting a price increase for Ethereum as it enters the final stage of its correction.
CoinCodex predicts that Ethereum will reach a record high price of $3.002 at the end of 2024.
“According to our current Ethereum price prediction, the price of Ethereum is predicted to rise by 3.20% and reach $3,005.24 by June 14, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 64 (greed). ETH recorded 16/30 (53%) green days with 3.25% price volatility over the last 30 days.”
On May 22, ETH could complete the correction phase and reach $2898.
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“The ETH price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these ETH projections, ETH will be changing hands at $2,989.82 on May 22, 2024, gaining 2.67% in the process.”
CoinCodex expects to announce a new Ethereum pricing level by 2024. If market sentiment continues to be in favor of Ethereum, it may rise to $6,503 by the end of 2024.
“ETH is forecasted to trade within a range of $2,912.03 and $6,505.33. If it reaches the upper price target, ETH could increase by 123.44% and reach $6,505.33.”
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Source: watcher.guru