Crypto Analyst, Elja on X, Predict Based on technical analysis, Ethereum (ETH) is expected to reach a staggering price of $15,000 by 2025. The analyst maintains that the current bearish sentiment in the crypto market is “temporary.”
Additionally, Elja points out that the second most valuable coin by market capitalization is following a similar fractal pattern that drove the previous significant price increase in 2021.
Despite the current consolidation, is Ethereum ready to break?
While sharing a screen shot of the current ETH price trend, Erja said that most people in the crypto industry are “myopic” and only focus on short-term price movements. Analyst ratings require traders to look long-term to understand the overall price pattern.
So far, Ethereum, like Bitcoin (BTC), remains under pressure and is struggling to break through its immediate resistance levels. Looking at the development on the daily chart, ETH has returned to the key support level around $2,200. Notably, the coin is down 20% from its January 2024 high of around $2,700.
ETH is under pressure, at least in the short to medium term. As it stands, the coin follows the technical candlestick placement seen in Bitcoin.
The downtrend in altcoins appears to have been caused by events following the approval of the Spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC). As an illustration, Bitcoin fell from about $47,000 to less than $40,000 this week, weighing on altcoins including Ethereum.
On-chain data shows that Grayscale Investments is unloading thousands of coins behind the Grayscale Bitcoin Trust (GBTC). What followed was a decline in Bitcoin and the entire altcoin scene. Things got even worse for Ethereum following the US SEC’s decision to postpone approval of the Spot Ethereum ETF.
Although these developments have had a negative impact on sentiment, Erja believes they will not derail Ethereum’s long-term growth trajectory. Specifically, analysts note that ETH is consolidating, which is a “healthy sign.”
ETH to $15,000: Will fundamental and technical factors help?
Erja added that when crypto prices stabilize, it could signal that whales are accumulating positions. Once this ends, ETH price may trend upwards. According to analyst charts, the coin will rise from $5,000 to above $15,000 in the coming sessions.
In making this prediction, analysts compared Ethereum’s price movements to the fractal pattern that drove ETH from around $200 to $4,800 over a 15-month period from 2019 to 2021. Extrapolating from past price movements, Erja believes Ethereum is following a similar path. Based on our analysis, the coin is likely to surpass its November 2021 peak.
In addition to technical factors, ETH supporters cite a decline in issuance rates.According to ultrasound money data, the network is burning thousands of ETH and the supply is dwindling. Additionally, BlackRock CEO Larry Fink believes that Ethereum will be the network of choice for tokenizing real-world assets (RWA) for years to come.
Featured image from Canva, chart from TradingView
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