The second-largest cryptocurrency recently soared to its highest price since early February, sparking hopes among bulls that a further uptrend could begin.
But global geopolitical tensions, overall market weakness, and other factors are keeping prices in check, and the question is whether a deeper correction will come next.
What now?
About a week ago $ETH It skyrocketed to around $2,465 and is currently trading at around $2,300. X user Ted pointed out that the asset tried and failed to reclaim the $2,400 mark, setting $2,250 as the next major support.
Other analysts who touched on the recent performance of cryptocurrencies include CRYPTOWZRD and Crypto Tony. While the former argued that a breakout and hold above the $2,380 resistance could open the door to more significant upside, the latter paid special attention to another important zone.
“If we recover $2,360, we might have a slightly safer long entry, but that’s not the case right now.”
On the other hand, some prominent industry players remain convinced that: $ETH is about to reach a somewhat ridiculous peak (at least for now). A clear example is Tom Lee (CIO of Fundstrat Capital), who recently envisioned a parabolic rise to $250,000.
It is important to note that he is the chairman of Bitmine Immersion Technologies, a company in which he has invested heavily. $ETH. Some time ago, this entity purchased 101,627 coins, bringing its total holdings to approximately 5 million tokens, or approximately 4.12% of Ethereum’s circulating supply.
on-chain signal
According to some technical indicators, $ETH It may be on the verge of revival again. For example, the Relative Strength Index (RSI) is below 30, meaning the asset is in oversold territory and could rise.
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Technical analysis tools are often used by traders to spot potential trend reversals. Values range from 0 to 100, with values above 70 considered a warning that a fix is imminent.
Next on the list is $ETH It will be stored on the exchange. That number recently dropped to a nearly 10-year low of around 14.5 million, according to CryptoQuant data. This trend reflects strong investor confidence and reduces short-term selling pressure.
