- Egrag Crypto says ETH could rebound soon and spark a broader market recovery.
- Ethereum has retraced about 46% from its April–August rebound peak.
- Analyst says ETH must reclaim $2.8K or risk sliding further toward the $2.5K zone.
The Ethereum (ETH) price has dropped below $3K in the past month, dividing analysts’ opinions on its next move. The different ETH price charts have hinted at different outlooks for Ethereum.
The large-cap altcoin, with a fully diluted valuation of about $332 billion, has dropped over 13% since the beginning of this week to trade at about $2,757 at press time.
Crypto Analysts Take on ETH Price Charts
Bullish Thesis For Ethereum Price
According to Egrag Crypto, the ETH price is now ready for a fresh leg up. The crypto analyst noted that the ETH price structure remains strong, amid its 46% drawdown after the April-August crypto rebound.
ETH price, in the daily timeframe, has completed the fourth wave correction, based on the Elliott wave principle. “In Elliott Wave theory, Wave 4 can overlap the Wave 1 in crypto, unlike legacy markets, so this retest is still within acceptable structure,” Egrag Crypto noted.
In the midterm, the crypto analyst expects the ETH price charts to be influenced by the Fibonacci targets.
| Fib 1.272 | Fib 1.414 | Fib 1.618 | |
| ETH Price targets by Egrag Crypto | $5,731 | $6,246 | $7,067 |
Bearish Take For Ether Price
According to crypto analyst Linton Worm, the bullish momentum for the ETH price has already been broken. With the ETH bullish structure completely broken, this analyst believes that the Ether price is at its final support before a full-blown bear market.
A similar narrative was issued by market analyst Ted, who noted that the ETH price must regain the support level around $2,800 to invalidate an ongoing structure headed to $2,500 zone.
Key Midterm Fundamentals to Consider
The Ethereum network has grown to a vibrant Web3 ecosystem backed by regulatory compliance and mainstream institutional adoption. Recently, Ethereum co-founder Vitalik Buterin reminded the growing community that the Ethereum network was not built to make finance efficient but to build global communities without trusting any intermediary.
The Ethereum network remains a major tokenization ecosystem for real-world assets (RWA). At press time, the Ethereum network had a total value locked of about $64.7 billion and a stablecoin market cap of around $164.9 billion.
Related: Ethereum Price Prediction: ETH Under Pressure as Market Indicators Flash Persistent Weakness
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Source: https://coinedition.com/eth-price-charts-experts-insights-on-whether-the-bottom-is-in-or-not/
