Ethereum Price Analysis: The recent fluctuations in Ethereum’s price have sparked considerable interest among crypto enthusiasts. According to crypto analyst Marcus Corvinus, the current dip is merely a prelude to a significant upward movement.
Ethereum’s Resilience and Market Dynamics
In a detailed analysis, Corvinus shared that a hidden bullish force is building momentum for Ethereum. Unlike Bitcoin, which has shown lower lows, ETH has maintained higher lows, suggesting inherent strength.
Corvinus pointed out a reduction in bearish volume, indicating that weaker players are leaving the market. He highlighted a key indicator, the Hidden Bullish Divergence RSI, which showed a lower low while Ethereum’s price achieved a higher low—classic signs of a robust continuation pattern.
Price Support and Future Projections
Despite being oversold, Ethereum’s price has remained above the July support level after two retests. Corvinus emphasized that this consolidation hints at a potential breakout to the upside rather than a reversal.
The analyst predicts that the current Ethereum price dip is not an end but rather a calm before an impending surge. He remains optimistic about Ethereum reaching between $7,000 and $8,000 in this cycle, indicating that the question is not if, but when this breakout will occur.
Potential Retest of Key Levels
BitMEX co-founder Arthur Hayes also weighed in, suggesting that Ethereum might test the psychological $3,000 level before embarking on its next upward journey. Hayes attributed this potential dip to broader economic factors, such as the Trump tariffs and weak US job data.
He further noted the absence of rapid credit creation in major economies, potentially stalling liquidity influx needed to fuel Ethereum’s rally. Despite these challenges, the Ethereum market holds promise for those patient enough to wait for the breakout.
Currently, Ethereum trades slightly under $3,500, experiencing a near 5% drop in the past 24 hours, as per CoinMarketCap data.
