- Ethereum (ETH) is reported to have a very good chance of recording positive gains in February and March based on its historical price movement.
- Another analyst has predicted that ETH could hit $5000 by March; meanwhile, CrediBULL Crypto estimates the asset to hit $10k.
Ethereum’s (ETH) struggle continues as it makes a negative gain of 8% from year to date, declining from the 2024 high of $4,106 to a daily low of $3,024.
At press time, the asset had marginally surged to $3,070 after witnessing its 24-trading volume increase to $24 billion. However, its daily return remains 8% down, extending its weekly performance to negative 9%. Currently, ETH has a market cap of $370.7 billion with a market dominance of 10.98%.
Regardless of the current price behavior, whales continue to accumulate, according to our recent analysis. Analysts also remain optimistic as they expect the price to rebound from the current position.
Analysts Speak on ETH
Exploring some of these theses, we found the analysis of trader “CoinMamba,” which highlights that ETH could replicate a historical movement to make an explosive turnaround in February and March. According to this analyst, ETH has only fallen once in February in its history. Fascinatingly, this occurred in 2018 after the asset had recorded that impressive gain of 50% in January.
Further reviewing his analysis, we found that ETH has recorded gains in the past six consecutive years in February. Within the same month in 2024, the asset surged by 46% to move from $2,280 to $3,380. In February 2017, ETH surged by 48% from $11 to $16. In February 2023, it only managed a 1.26% surge.
Assessing the ETH’s performance in March, CNF also found that the asset has recorded gains in seven out of nine years. Meanwhile, April has produced six gains for ETH.
Joining the discussion, a renowned analyst identified as Wolf also pointed out that ETH is forming a rare bullish pattern that could position it for an explosive run. To him, this is the best asymmetric chart anyone could bet on.
With eight years of experience as an analyst, I can confidently say I’ve never seen a chart as strong as ETH. The potential here is unmatched.
More on the Ethereum Price
Recently, TRON founder Justin Sun estimated that ETH could hit $10k. However, he pointed out that this position could be achieved in the near term if a deflationary environment is created through a three-year suspension of ETH sales. As reviewed in our previous publication, Sun argues that this would reduce the token supply and boost confidence for long-term value appreciation.
For analyst CRYPTOWZRD, ETH currently faces a crucial resistance level at $3,550. A break above this line could see the asset reaching the $4000 level. Similarly, Cold Blooded Shiller believes that there is an attempt on the price chart to form a new trend. According to him, ETH could likely hit $5,000 by March 2025. Fascinatingly, CrediBULL Crypto believes that these are just conservative predictions, as he expects the asset to hit a minimum of $10,000.
ETH is going to come back with a vengeance in the coming months, and ironically enough, it seems it’s going to leave some of its strongest supporters behind. 10k is a bare minimum once we break out, IMO, and I think 20k is certainly not unreasonable by the end of the cycle.
In addition to the above, ETH is expected to “ride on the shoulders” of the much anticipated Spectra Upgrade to reach a significant height, as explained in our last analysis.
