Ethereum (ETH), which was trading at a price above $2600, experienced a major correction in the first half of this month. The currency fell from peaks around $2600 down to a level near mid-$2400. It follows an overall market decline, which was followed by Iran’s attacks on Israel. This year the second largest crypto project in terms of market capital has been struggling to gain momentum, and it failed to recover its $3,000 loss from early August.
ETH has not delivered the results investors hoped for, despite being one of the world’s most popular crypto projects. Launching a spot ETF in the US has not had the same success as the launch of spot Bitcoin ETFs this year.
Despite its lackluster performance, ETH may soon prepare for a major rally.
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Can ETH Reach a New All Time High?
ETH has fallen by approximately 50% since its peak of $4,878.26. It was almost three years since November 2021 that the asset had reached its all-time high.
Ali Martinez is a cryptocurrency expert who believes that ETH could rally up to a high of $6,000 if it maintains its support over $2300. A rally of 145.8% is required to reach $6,000 at current prices. The chart provided by the analyst shows that the asset may reach the $6,000 mark in 2025.
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The analyst cautions, however, that, if an asset does not hold the $2300 mark, it could drop as low at $1600. A drop from the current price to $1,600 will be a 34.45% decline.
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Analysts at Changelly paint a similar scenario for Ethereum (ETH). It does not believe that ETH will break through the $6,000 threshold this year. Instead, it predicts that the asset could trade for a maximum of $7,194.28 per unit in 2025.
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Source: watcher.guru
