Ethereum (ETH) is the second-largest cryptocurrencies in the market, with a current market cap of over $362 billion. Since its launch, Ethereum has become a popular choice among investors and traders alike due to its innovative features and potential for growth.
Following the Bitcoin Halving, most of the major altcoins are experiencing downtrend or halving-related anxiety, causing ETH and other prominent altcoins to reach new lows.
As we found on CoinMarketCap, Ethereum has experienced a 5% decrease over the last month. However, at the time of writing, ETH has increased by 4% in the last 24 hours and is trading at $3,014. This increase may be a sign of a potential surge in the coming days.
Ethereum (ETH) Enters a Phase of Correction
Michael Van De Poppe, a popular cryptocurrency analyst, has shared a new analysis on Ethereum’s price. He explained that Ethereum’s current price around $2,900 suggests the token is in the final phase of its correction, testing the market’s resilience.
In trading terms, a correction refers to a period where cryptocurrency assets experience a temporary drop in prices during an uptrend. It signifies a short-term decline in prices, even as the asset continues its overall upward trajectory.
According to Michael Van De Poppe, Ethereum is currently in a correction phase, testing the $2,900 and $3,000 level. If ETH successfully surpasses this level, it could reach new price heights in the coming weeks.
#Ethereum is at the end stage of the correction.
— Michaël van de Poppe (@CryptoMichNL) May 15, 2024
There's around 10% more to be going down on it, as then we're reaching a higher timeframe support level.
The good times are there in a few weeks time. pic.twitter.com/21mZeSUAxx
How High Can ETH Go by the May End?
According to our technical and price analysis, Ethereum is currently in a correction phase, and its price may continue to rise until the end of May. Currently, ETH has strong support at $2,980 and could potentially reach $3,206 or even higher by the end of May month.
As per our long-term Ethereum price prediction, ETH has the potential to reach a maximum price of $4,508.34 and average price could be around $4,083.02 by the end of 2024 if the market momentum continues to support Ethereum’s rally.
On the other hand, the minimum price level of the ETH Coin can go down to $3,827.83 if there is any negative news surrounding the Ethereum ecosystem.
Also Read: Analyst Predicts Cryptocurrency Market Cap to Soar to $100 Trillion: Will be a Reality?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
