Ethereum has experienced a significant decrease of 19% over the past month. Despite this downward pressure, analysts predict a substantial price increase for the cryptocurrency.
The Current State of Ethereum
A week ago, Ethereum reached a local high of $3.4k. However, it has faced strong downward pressure, failing to reclaim a higher resistance level after a market crash to $2.1k. As of writing, Ethereum is trading at $2,695, marking a 5.05% drop on daily charts. The altcoin also decreased on weekly and monthly charts by 16.51% and 19.11% respectively.
Predictions for Ethereum’s Future
Despite the recent price drop, opinions on Ethereum's future are split. Optimistic analyst Ali Martinez predicts a major upward move for Ethereum, potentially breaking above $4,000. If it breaches this resistance, a parabolic rally could reach $7.4k, $10k, and a historic $14k, although these levels are long-term prospects.
What's Next for Ethereum?
Ethereum faces short-term downward pressure and could see more losses before rebounding. If current conditions persist, and Ethereum breaches its critical support of $2.7k, it could fall to $2500. However, a trend reversal could see Ethereum reclaim $2710 and attempt a run to $3000. Martinez's rally prediction is unlikely short-term but possible long-term.
Ethereum is encountering short-term challenges, but the prospect of long-term growth remains possible according to some analysts. The cryptocurrency's value may increase significantly in the future.
