News/CryptoDigest/Latest Forecasts for Ethereum (ETH) Price: Expert Insights
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KEY POINTS:
Market experts and traders on platform X are speculating that Ethereum might continue its recent growth, attributing this prediction to emerging technical patterns and heightened network activity as potential indicators of an imminent rally.
Despite the positive outlook, Ethereum’s increasing RSI, the rise in exchange netflows, and lackluster ETF inflows suggest increased short-term selling pressure and investor caution.
TL;DR
Looking Forward: What’s in Store for Ethereum?
Ethereum (ETH) has shown significant growth in the past week, increasing its price by nearly 10%. It touched the $1,800 mark on April 23, before falling back to its current price of $1,750.
Several market analysts believe that the cryptocurrency has more to offer, predicting higher targets for the near future. User Ted on platform X pointed out a 10% increase in Ethereum’s active addresses in just 48 hours, suggesting that ETH might be preparing for a significant “revenge rally.”
Crypto trader Christiaan, also on platform X, echoed this sentiment. He analyzed recent price movements to suggest that the currency could soon breach the $2,000 mark.
Technical analyst Gert van Lagen stands out as one of the most optimistic. He identified a prominent “4-year inverse head and shoulder” pattern, implying that Ethereum’s next step could be a massive surge to a new high of around $20,000.
He further commented that “many retail investors have been shaken out the Right Shoulder.”
Diving Deep into Some Indicators
Contrary to the bullish speculations above, some key metrics indicate that the world’s second-largest cryptocurrency could be on the brink of a pullback.
In the past month, Ethereum’s exchange netflow has been in the positive. This indicates a trend towards centralized trading platforms, which could lead to increased selling pressure in the short term.
Now, let’s shift our focus to recent net inflows into spot ETH ETFs. Data provided by SoSoValue reveals that this number has been barely positive over the last few weeks. A notable increase was noted on April 22, but on most other days, the inflows were negative. In simpler terms, this signifies more funds being withdrawn from the ETFs than added, thus indicating institutional investor apprehension.
Finally, the Relative Strength Index (RSI) of Ethereum is worth noting. This metric gauges the rate and scale of recent price changes and assists traders in identifying potential reversals. A value above 70 is deemed bearish, indicating that Ethereum could be in overbought territory and might face a correction. On April 24, the RSI was above this threshold, now resting around 65.
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