Ethereum is weathering market volatility as top analysts predicts an upsurge for the altcoin in the near term
Ethereum (ETH) is making headlines this week as its price surges above $2,500. This signals a strong bullish trend that has excited the crypto community. This upward movement comes after Ethereum’s price bounced off a crucial support level at $2,200, showcasing its resilience amidst market volatility. Market experts predicted that Ethereum could rally to $18,000 in the long term.
Ethereum Tests Boundaries Amid Market Whispers
Ethereum’s recent rebound indicates a positive trend in the crypto market. At the time of writing, the digital asset was trading at $2,522.35, dipping nearly 5% in 24 hours, according to CoinMarketCap data. Despite this, Ethereum is still on a strong upward momentum.Â
Analysts are hopeful about Ethereum’s path, suggesting a breakout that could greatly impact the market. Although Dogecoin founder Billy Markus playfully dismissed the likelihood of a significant price surge soon.
Market experts recently shared insights on Ethereum’s price growth in an X post. One analyst suggested that those who doubt Ethereum often overlook the power of patience and timing within market cycles.
The analyst pointed out an ascending triangle pattern in Ethereum’s current trajectory. This indicates a potential breakout as it tests the $2,600 resistance level. If Ethereum breaks through, it could spark a bullish trend toward $3,000 and challenge $3,500.Â
However, the 4-hour Moving Average Convergence Divergence (MACD) shows bearish signals. The MACD line crossing below the signal line suggests increased selling pressure and potential volatility ahead.
Whale Holders Wields the Key
Whale activity in the stablecoin market is crucial to understanding Ethereum’s price changes. Recent data reveals a connection between Ethereum’s price movements and the share of stablecoin supply held by large wallets. This is especially true for those with over $5 million.
As these whales accumulate stablecoins, their holdings have recently approached 60%. This means their buying and selling activities can substantially affect Ethereum’s price. Therefore, any significant changes in the amount of stablecoins held by these large investors could further impact Ethereum’s value.
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