In recent market trends, Ethereum's price performance has been very volatile, causing concern for traders and investors around the world. After falling below the key mark of $3,000, Ethereum quickly found support, followed by increased discussion and rumors about other movements in the market.
Analyst Michael van de Poppe has also been at the forefront of this speculative impulse, offering some catchy predictions on the X Platform. He predicts a major change in the direction of ETH over the next two weeks, which is attracting a lot of attention from the crypto community, which is anticipating changes in the market.
Additionally, Peter Brandt, an experienced crypto market analyst, shared his insights by analyzing Ethereum price charts.First, Brandt's analysis We looked at the flag pattern as a possible continuation of the market's current trends. However, detailed analysis allowed him to choose a channel pattern, which could cause the price of ETH to fluctuate in both directions and introduce randomness into the market in the future.
Ethereum’s resilience amid market skepticism
According to one analysis firm, Santiment, market sentiment towards major cryptocurrencies has turned a bit bearish, especially after the marginal ones. Bitcoin halving However, despite widespread market skepticism, other data suggests that Ethereum is recovering. Another analytics provider, Glassnode, reported that there has been a significant increase in new Ethereum addresses, which previously had less than 100,000, but now has more than 160,000, leading to increased interest in Ethereum. indicating an increase and potential investment influx.
Source: Image by Glassnode
Ethereum is currently trading at $2,900, a decline of 4.17% over the past 24 years. The daily chart of ETH is bearish as it shows a continued downtrend. On the other hand, the 4-hour chart brings hope and could lead to a short-term rally. The relative strength index (RSI) is 40, which also leaves room for upside.
As the cryptocurrency industry continues to monitor these events, the market is at an inflection point where major changes are likely. However, while speculation remains to be seen that the analysis of these experts could lead to significant growth in the Ethereum market once again, the excitement within the crypto community is notable.
