TL;DR
- Ethereum hit $2.8K for the first time in three months, with analysts predicting continued upward momentum.
- Key metrics, including MACD and moving averages, flash buy signals for ETH, but the high RSI suggests a potential short-term correction.
ETH Finally Joins the Party
Ethereum (ETH) has been lagging behind the other leading cryptocurrencies in terms of gains in the past several months. Bitcoin, for instance, has been up over 20% in the last 90 days, while ETH increased by only 8% in the same period.
Nonetheless, the cryptocurrency experienced a notable resurgence in the past 24 hours, with its price surpassing $2,800 for the first time since August. This caused many analysts to speculate that it has finally entered a bullish mode that could take it to new peaks in the foreseeable future.
The popular X user Michael van de Poppe claimed ETH has experienced a “massive bounce,” predicting that it may create a higher low and then “continue the upward momentum.”
Another individual who weighed in was X user Wolf. He thinks the community is “not mentally ready” for the pump ETH might witness in the following months. The analyst suggested that the asset’s price could explode to the $8,000-$13,000 range before the end of next year.
Ali Martinez also focused on Ethereum, setting a target of a new all-time high of over $6,000. According to him, the depicted mark might be reached in the first half of 2025.
What are Metrics Suggesting?
Many important indicators are currently flashing the buy signal for ETH. Some examples include the MACD (Moving Average Convergence Divergence) level, the Exponential Moving Average (on a 10-day scale), the Simple Moving Average (10 days), the Volume Weighted Moving Average, and the Hull Moving Average.
Conversely, there is one metric hinting at a possible correction. This is the Relative Strength Index (RSI), which measures the speed and change of price movements. The momentum oscillator varies from 0 to 100, with readings above 70 suggesting that the asset is in overbought territory and could be headed for a pullback. On the contrary, anything below 30 indicates a possible buying opportunity.
Currently, ETH’s RSI stands at almost 80.
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