The post Ethereum’s Rally Beyond $2,000 Remains Elusive, Analysts Offer Divergent Views appeared first on Coinpedia Fintech News
The Ethereum (ETH) has failed to rally beyond $2k severally since the Shanghai upgrade on April 12, 2023. Trading around $1,910 on Wednesday, the Ether price continued to retest the resistance/support level around $2k with no avail so far. However, crypto analysts forecast an altcoin rally soon as Bitcoin dominance trends on shaky grounds.
Moreover, the SEC vs Ripple case seems to have triggered an early alt season following the judgment ruling that indicated XRP assets sold on exchanges are not to be considered investment contracts or under the securities act. Resultantly, Ethereum bulls could easily get rejuvenated and rally beyond $2k in the near term basis.
Ethereum Price Action
According to a popular crypto trader and investor with more than 321k followers on Twitter, Crypto Tony, Ethereum price action could easily slide down in the coming months to accumulate more buyers. The analyst highlighted that although many crypto traders including himself expect Ethereum to set a new high for this year during the second quarter, a healthy correction could instead materialize.
Notably, Crypto Tony argued that Ethereum’s price could fall towards a demand level of around $1300 before the end of this year. Meanwhile, the analyst highlighted that Ether could accumulate around the current levels for the coming few months before dropping toward a new low.
The Ethereum network continues to lead the smart contract ecosystem with more than $26 billion already locked in its DeFi protocols. Mainstream adoption of blockchain technology keeps Ethereum at a high chance of rallying further in the coming years.