Ethereum, the second largest cryptocurrency by market capitalization, is currently experiencing a correction phase. After Bitcoin's halving, almost all leading altcoins experienced the after-effects or halving jitters, sending ETH and other notable altcoins to new lows.
According to CoinMarketcap, Ethereum has fallen 10% in the past month. However, the token is up 0.30% at the time of writing and is trading at $2,912.
Ethereum's persistently low levels are forcing analysts to provide fundamental reasoning explaining why ETH is trading at a gradual pace.
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Ethereum in correction phase
Notable crypto analyst Michael Van De Poppe is back with another Ethereum price analysis. The expert talked about how Ethereum's price level at $2,900 indicates that the token is currently in the final stages of correction, testing its surface tension.
In trading jargon, a correction is a phase in which cryptocurrency assets temporarily fall out of their prices during an uptrend. Corrections indicate a temporary drop in prices while maintaining the steady pace of the asset.
According to Van De Poppe, Ethereum's current correction phase is testing the $2,900 level. Once ETH manages to surpass such levels, it could claim a new price level in the coming weeks.
“Ethereum is in the final stages of correction. There is still about 10% more to do as we reach a higher support level. The good times will be here in a few weeks.”
Ethereum May prediction
As Ethereum enters the final phase of its correction, several crypto analytics platforms are also signaling an impending price increase for the asset.
According to CoinCodex, Ethereum's price could rise nearly 3% to a new high of $3,002 by the end of May 2024.
“According to our current Ethereum price forecast, the price of Ethereum is predicted to increase by 3.20% and reach $3,005.24 by June 14, 2024. According to our technical indicators, current sentiment is bearish, while the Fear & Greed Index reads 64 (greed). ETH recorded 16/30 (53%) green days with price volatility of 3.25% over the past 30 days.”
By May 22, ETH could complete the ongoing correction phase to reach the $2898 mark.
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“The ETH price forecast for the next 30 days is a projection based on the positive and negative trends of the past 30 days. Based on these ETH projections, ETH will change hands at $2,989.82 on May 22, 2024, for a gain of 2.67%.”
By the end of 2024, CoinCodex will share a new price level for Ethereum. If market momentum continues to support Ethereum's flow and recovery, the token could rise to $6,503.
“ETH is forecast to trade within a range of $2,912.03 and $6,505.33. If it reaches the high price target, ETH could rise 123.44% to reach $6,505.33.”