Ethereum, which is the second most valuable cryptocurrency by market capitalization, has entered a phase of correction. Nearly all altcoins have felt the effect of the Bitcoin Halving. ETH as well as other prominent altcoins hit new lows.
CoinMarketcap reports that Ethereum is down by 10% over the past month. At press time the token was trading at $2.912, up by 0.30%.
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 during the 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 an upward trend. A correction is a brief drop in the price of an asset while still maintaining its steady rate.
Van De Poppe states that Ethereum’s correction phase currently tests the $2.900 level. Once ETH has risen above such levels, a new level of price can be claimed in upcoming 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
As Ethereum reaches its final stage of correction and several crypto analysis platforms signal an imminent price rise for the asset,
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.
“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
