Is Ethereum Oversold? Experts Predict $3,000 Target as Market Recovery Looms

Share This Post

Could a Bitcoin Reserve Change America’s Economic Future

The post Is Ethereum Oversold? Experts Predict $3,000 Target as Market Recovery Looms appeared first on Coinpedia Fintech News

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has been a cornerstone of the cryptocurrency market. Recently, it saw a notable 8.8% price increase in just 24 hours. This has led experts, like Matthew Sigel, Head of Digital Assets Research at VanEck, to believe that Ethereum may have been oversold. Sigel predicts that a renewed speculative interest could drive Ethereum’s market recovery.

Ethereum’s Road to Recovery

Ethereum has had a tough year, especially when compared to Bitcoin (BTC), with the ETH/BTC pair reaching multi-year lows. However, recent developments in the market indicate a potential change in Ethereum’s fortunes. 

Meanwhile, Matthew Sigel remains optimistic about Ethereum’s future. He believes the cryptocurrency is currently “oversold,” indicating that its price may be undervalued. 

However, Sigel predicts that with renewed market interest and investment, Ethereum could see a significant rally in the coming months. Despite the recent struggles, Sigel is confident that a recovery is on the horizon.

Positive Sentiment on Ethereum’s Rise

Many analysts are now bullish on Ethereum, believing that a significant rally could be ahead. Prominent crypto trader Byzantine General suggests that Ethereum might be preparing for a “monster rally.” 

This prediction is backed by analysts like Benjamin Cowen, who highlights the ETH/BTC trading pair as a key indicator. Cowen believes that if this pair breaks above its Simple Moving Average (SMA), Ethereum could soon experience significant price growth.

Ethereum’s Price Action 

As of now, Ethereum’s price action shows a cautious sentiment in the market currently trading around $2818. Looking at the technical analysis Ethereum’s 50-day Exponential Moving Average (EMA) sits at around $2,744, and the 200-day EMA is at approximately $2,805, indicating a bearish trend in the short to medium term. 

However, Ethereum’s Relative Strength Index (RSI), at around 57, suggests that Ethereum could be nearing oversold territory.

For Ethereum to maintain its momentum, it must break through the resistance level at $2,876. If successful, the next target could be around $3,000, with the ultimate goal of reaching $3,300.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Fueled By Election Buzz, Memecoins Soar 22% On Pure Speculation—Report

Memecoins are crucial to the blockchain and the cryptocurrency community, and Binance Research highlights their unique value proposition According to Binance rerport, the rise of memecoins coincides

ADA Breakout Alert, Cardano Set for 30% Rally

The post ADA Breakout Alert, Cardano Set for 30% Rally appeared first on Coinpedia Fintech News Despite the bullish market sentiment across the cryptocurrency landscape, Cardano (ADA) has been the

France considering Polymarket ban after local trader makes $80 million on Trump win

France’s gambling regulator, the National Gaming Authority (ANJ), is expected to block access to Polymarket, a major cryptocurrency-based prediction platform, local news outlet the Big Whale

Is A $400,000 Target For Bitcoin Realistic? Expert Lays Out Bullish Case

Bitcoin is in the spotlight following its recent notable surge to a new all-time high Since hitting a new height, BTC has continued to display strong resilience for more upside movement, prompting

Analyst See Explosive Ripple (XRP) Price Action On The Horizon, Investors Target $1 On This $0.03 DeFi Coin

The post Analyst See Explosive Ripple (XRP) Price Action On The Horizon, Investors Target $1 On This $003 DeFi Coin appeared first on Coinpedia Fintech News As Ripple (XRP) struggles with legal

CZ Confirms Interest In Selling Binance 90% Stake: Key Takeaways From His Latest Interview

Changpeng Zhao (CZ), the billionaire founder of Binance, made his return to the public eye at the Coca-Cola Arena in Dubai, after his recent release from Federal Correctional Institution Lompoc II,