The crypto markets continue to remain flat as the prices of the popular cryptos display no significant change with diminished volatility. Mainly the ETH price which has been stuck within a deep bearish trend is believed to pull the final leg down before closing the yearly trade. However, the 2022 bear market is believed to continue ahead as the prices do not appear to be stabilized with the beginning of the fresh yearly trade.
Besides, the price may certainly not remain under bearish captivity for a long as the market sentiments may soon flip, being positive very soon. Considering the larger time frame, the ETH price, despite the prevailing bearish market does flash the possibility of soaring high in the coming days. The second-largest asset has uplifted its lower support and hence is expected to quickly rebound, once hits the pivotal zones.
A well-known analyst, in his latest update, believes that the ETH price may soon ignite a firm bull run and maintain a significant upswing for the next couple of years.
The majority of the bear market appears to have been accomplished and hence the tokens may start with a fresh cycle very soon. The ETH price bounced off the lower support during the March 2020 bottoms (line in blue) and underwent a giant move to reach the highs during the 2021 bull run. However, considering the present scenario, these support zones appear to have elevated, and hence the ETH price could drop slightly to test these levels in the next couple of months.
This is when the asset may mark its bottoms for the current bear market cycle beyond which a significant upswing may be set in place. With a rebound, the Ethereum price may ignite a firm upswing which may further take the form of a bull rally too. However, as per the analyst, the ETH price is primed for new highs and mark a 4-digit figure by mid of 2025. The ETH price top then is assumed to be somewhere between $12,000 to $16,000 then.
Considering the present bottoms, the Ethereum price may take a retest of the lower support below $1000 to reach $950 or slightly lower. Or in case of an extremely bearish condition may also visit the last point of defense at around $300 and ignite a rebound. However, the strength of the rally then is believed to have slashed and the recovery phase could be extended until 2024.
Source: https://coinpedia.org/price-analysis/ethereum-price-next-ath-for-the-eth-price-rally/