Is Ethereum Price Poised for a Major Comeback? Analysts Weigh In!
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After rebounding from a crucial support level around $2,116 earlier this week, Ethereum (ETH) price closed Thursday on a bullish outlook. The large-cap altcoin, with a fully diluted valuation of about $321 billion and a daily average traded volume of around $23 billion, pumped 10 percent in the past 24 hours to trade about $2,670 on Friday during the mid-London session.
Are Ethereum Bulls Back?
The altcoin industry has performed poorly against Bitcoin, which has seen its dominance rise to the highest level since April 2021. Since December 2021, Ethereum has been bleeding to Bitcoin, with the ETH/BTC pair currently trading at about 0.0437.
The approval of spot Ether ETFs in the United States has become a classic sell-the-news event, fueled by the notable cash outflows from Grayscale’s ETHE.
With August and September expected to remain bearish for the entire crypto industry, Ethereum bulls face a tough uphill climb in regaining bullish momentum.
Midterm Ether Price Prediction
If Ethereum’s price against the US dollar closes this week, trading around the same level, a dragonfly candlestick will be formed, thus signaling a major bullish uproar ahead after a successful reversal.
From a technical perspective, Ethereum bears are in control, with short-term holders registering significant unrealized losses. Since November 2023, the Ethereum price in the daily time frame has formed a death cross between the 50 and 200 Moving Averages (MAs).
However, crypto analyst Ali Martinez believes that Ether’s price will break out towards $2,820 in the coming days. Moreover, the altcoin has been forming a bullish pennant pattern in the one-hour time frame.
