Ethereum is also experiencing a sharp fall after a decent rally. The fall comes at a time when most investors were expecting the price to shoot to $4,000.
In this article, we will see the next ethereum target along with the weekly analysis and the news roundup.
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ETH Crypto Price Prediction
Ethereum’s price has seen a decline,the crypto is trading at $2,981.02. The chart shows that the crypto is having a strong support at $2860 level and the crypto has taken bounce from the level.
Going as expected. There will be some bounce in the coin and the further movement will be decided by the broader crypto market.
Weekly Price Analysis
Ethereum’s weekly trajectory has mirrored the broader market’s volatility. Both BTC and ETH have been falling. However, we believe this fall is temporary and this can be a good time to accumulate these cryptos.
The RSI stands at 34, which means that the crypto is close to being oversold and this can mean a bounce in price.
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News Roundup
- The SEC is considering a significant stance on Ethereum, which could impact its classification and regulatory treatment.
- The upcoming “Shanghai” upgrade is anticipated to address several key areas following the “Merge,” with implications for Ethereum’s network efficiency.
Market Sentiment and Future Outlook
The market sentiment towards Ethereum is currently cautious, with investors and analysts closely monitoring regulatory developments and technological advancements. The price of Ethereum may continue to experience volatility in the short term, but the long-term outlook remains optimistic as the platform evolves.
This article is for informational purposes only and does not constitute financial advice. Investors should conduct their own research and consider their financial position before making any investment decisions.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
