Analysts are positive on Ethereum, predicting that the altcoin will break through the barrier and reach $3,500. Institutions estimate that the major altcoin will be involved in more than half of all global financial transactions within the next decade.
Pantera Capital, a cryptocurrency hedge fund based in the United States, is positive on Ethereum. Pantera’s co-chief investment officer, Joey Krug, told Bloomberg in an interview that the firm is bullish on Ethereum.
The rise of DeFi and Web3, which compete with Ethereum for market share, has put the second-largest cryptocurrency’s dominance in jeopardy, according to Krug.
“If you roll the clock forward 10 to 20 years, a very sizable percent, maybe even north of 50%, of the world’s financial transactions in some way, shape or form will touch Ethereum.”
ETH Price Predictions
At the time of writing, the ETH price is trading at $3,341.33.
A breakout move above the $3,380 level might start another increase in the near term. The next major resistance is near the $3,420 level, above which ether price could test $3,500. Any more gains could send the price towards the $3,550 level in the near term.
If ethereum fails to start afresh increase above the $3,380 level, it could start a downside correction. Initial support on the downside is near the $3,320 level. The first key support is now forming near the $3,300 level.
For the first time since March 2020, Phoenix Ash3s, a pseudonymous crypto analyst and trader, assessed the Ethereum price movement and forecasted that the altcoin is in the oversold area.
The price of ETH has risen from the $2900 support level. The coin is currently trading at $3364, representing a gain of 12.74 percent from the lowest support. The 4-hour time frame-graphic shows the emergence of a rounding bottom pattern during this minor recovery.
Following this pattern, the coin price should ascend to the $3900 overhead resistance neckline in the hopes of resuming its surge. For the time being, the price has broken through a small resistance level of $3300, allowing long traders to enter the market.