‘V-Shape’ Recovery Expected Soon!
Ethereum price was expected to skyrocket with the launch of ETH 2.0 Phase 0 Beacon chain, but unfortunately the price trends within a narrow region. However, the bullish sentiment still surrounds the price as many believe ETH price rally may make you a millionaire this year.
Currently, the price is on the verge to regain the previous positions around the ATH very soon with a V-shaped recovery. Once the price smashes the ATH, the path towards the higher levels are clear. According to a popular analyst The Moon, the Ethereum price may hit as high as $3000 any day from now.
Moreover, the dip from the ATH levels around $2152 to the recent lows at $1930 is speculated as a last chance to accumulate ETH below $2000. As said by another analyst Galaxy, the price is expected to surge from now until the price hits $3000 per ETH.
Bears May Take Over the Ethereum Price Rally
The ETH price rally appears to have a steady approach without steep jumps and pumps unlike Bitcoin. The price, despite being considered as undervalued by many analysts, moves close to the MA levels.
The price is expected to rally close to $2500 by the end of this month, however, a slight pull back may also be underway. According to analysts, Helical Trades, the ETH price may dip below $2000 before rising to the levels above $2300.
The analysts mentioned that the price has four main pressure zones which can control the price movements before the BTC price rally. All the zones mentioned below are critical:
- Resistance Zone in between $2073 and $2093
- Pressure Zone in between $1973 and $1994
- Pressure Zone in between $1912 and $1932
- Support Zone in between $1840 and $1860
If the Ethereum price holds strong in the current pressure zone, then the price may break the resistance zone and surge high. Else, the ETH price may slide towards the support zone as the 200-MA line is trending in this region.