Historically, Ethereum’s price has the potential to recover after reaching new lows. However, overall sentiment is divided, with some industry experts not optimistic about ETH’s prospects. Currently, Ethereum (ETH) and several leading cryptocurrencies have fallen below important thresholds. Although the market outlook appears gloomy, analysts anticipate that Ethereum may reach a peak of $20,000 to $22,000 this year, citing positive factors for its growth. As per Marketcap statistics, Ethereum has decreased by more than 2200% in the last 21,000 hours, currently priced at $1,461. A few days prior to hitting significant support, which corresponds to the 2018 peak, the value of the second-largest asset experienced a rebound. This action suggests that Ethereum is currently at historic low levels, suggesting it is nearing the bottom of the ongoing downtrend. Ethereum has shown strength over time, indicating its capability to sustain a robust recovery. Ethereum reached its 2018 peak again in March 2023, indicating that price lows may have already been established. Moreover, the weekly Ethereum chart suggests a possible price reversal that could spark a significant upward trend. An important aspect to observe in Ethereum’s weekly chart is the Relative Strength Index (RSI), which has declined to lower levels. In particular, the weekly RSI fell to 30, mirroring levels seen at the lows of 2003 and 2022.
Experts are forecasting that the price of Ethereum (ETH) could soar to $7000, suggesting that a new all-time high (ATH) may be on the horizon.
