Popular Analyst Predicts a Major Breakout for Ethereum (ETH)
In the recent week, the price of Ethereum has recovered from a two-month low.
Partisans are positive on ETH 2.0 and expect it to reach $8,000 in the near future.
Since its January lows, the price of Ethereum has nearly doubled. Ether, the native coin of the Ethereum network, has recently showed signs of rebirth. Several basic elements are assisting the altcoin.
In the recent week, Ethereum’s price has recovered from a two-month low and has already surpassed the $3,000 level. This week, cryptocurrency researcher Benjamin Cowen forecast a huge breakout for Ethereum (ETH). According to him, the ETH price range of $2,000 to $4,000 marks a significant re-accumulation zone for a medium-term price runway of higher prices.
Upcoming ETH 2.0 Crucial
It is also projected that the network’s various services would feature greener candles. Furthermore, Partisans are positive on ETH 2.0 and expect it to reach $8,000 in the near future. As the price of ETH rises gradually, the fear and greed index for Ethereum shifts more toward the greed side of things.
Ethereum has overcome every impediment on its way to the $3,200 milestone on the daily chart. Bulls are fully anticipating to take advantage of the next price decrease. Investors have successfully passed the 50 SMA and the bearish sloping line on their way to $3,600.
Since its all-time high on November 10, Ethereum’s value has been down by more than 45 percent. Bitcoin, the world’s most valuable digital currency, has dropped by more than half from its November high. Prices, however, reversed their downward trend in February.
However, if prices fail to remain above $2,800 in the coming trading days, we may see a further drop below $2,400. The current price of Ethereum is $3,195.23 USD, with a 24-hour trading volume of $13,485,593,739 USD, according to CoinMarketCap. In the previous 24 hours, Ethereum has gained 3.84 percent.