Ethereum Price has recently been the talk of the crypto town, with notable fluctuations catching the attention of investors and analysts alike. Crypto analyst Marcus Corvinus has shared his insights on the current state of Ethereum, suggesting that the recent dip is merely a prelude to a new upward surge.
Understanding the Recent Ethereum Price Movements
According to Marcus Corvinus, there’s a hidden bullish power forming within the Ethereum price. Unlike Bitcoin, which has shown lower lows, Ethereum has maintained higher lows, signaling strength even under pressure. This indicates a potential for a significant rally in the near future.
Key Indicators of a Bullish Trend
Corvinus points out that the bearish trading volume has been dwindling, suggesting that the weaker hands are losing their grip. Moreover, a hidden bullish divergence is evident as the Relative Strength Index (RSI) shows a lower low while the price reflects a higher low. This pattern is a classical indicator of a strong continuation setup.
Despite an oversold RSI, Ethereum has successfully held above the support levels from July during two retests. Corvinus believes this indicates a consolidation phase rather than a reversal, often leading to a breakout towards higher prices.
What Lies Ahead for Ethereum?
The expectation is that the Ethereum price will not only recover but will also surpass its previous highs. Corvinus remains optimistic, targeting between $7,000 and $8,000 in this cycle. He emphasizes that the timing of this breakout is not a matter of “if” but “when.”
Potential Short-term Challenges
BitMEX co-founder Arthur Hayes provides a slightly different perspective, suggesting a possible retrace to the $3,000 level before the next upward move. This prediction is based on external economic factors like the impact of tariffs and weak job data in the US.
At present, Ethereum trades just below $3,500, experiencing a slight dip of nearly 5% over the past 24 hours, as per CoinMarketCap data. However, the broader crypto market dynamics offer room for potential growth.
In conclusion, while short-term fluctuations are expected, the long-term Ethereum forecast remains optimistic, with promising signs of a substantial breakout on the horizon.
