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

Ethereum Must Reclaim $2,050 To Start A Recovery Rally – Insights

Ethereum (ETH) is now trading below the crucial $2,000 mark, struggling to find momentum after days of selling pressure and consolidation around $1,900 The broader crypto market remains under heavy

24 Ways Crypto Investors Are Being Hunted by Cybercriminals—Wallets Drained at Record Speed

Crypto scams are draining wallets fast, using AI fraud, fake mining, and Ponzi schemes—so advanced that regulators struggle to keep up 24 Brutal Crypto Scams Hunting Investors — The Tactics

Whales Accumulate Over 420,000 Ethereum In Five Days – Rally On The Horizon?

Ethereum (ETH) has seen underwhelming price action this year, disappointing analysts and investors who expected a massive breakout Instead, ETH is now trading at its lowest levels since October 2023,

Cardano (ADA) Price Prediction for March 16

The post Cardano (ADA) Price Prediction for March 16 appeared first on Coinpedia Fintech News As the weekend approaches, the overall cryptocurrency market has begun to recover, showing signs of an

UK FCA’s Finprom Rules 1 Year Later: How to Kill an Industry in One Easy Step

As a lawyer (not yours), I spend a good chunk of my time explaining to businesses why they need to pour half their budget into compliance instead of, you know, actually building something useful But

Ethereum Cost Basis Data Signals Strong Support At $1,886 – Details

The Ethereum (ETH) market has experienced some recent good fortunes rising by over 5% in the past 24 hours Despite this price gain, the prominent altcoin remains in a downtrend as indicated by its