ETH has recently experienced mild downward pressure. After the market crash that saw the altcoin dip to $2.1k, it has failed to reclaim a higher resistance level. The altcoin has also dropped on weekly and monthly charts by 15% and 18% respectively.
Ethereum is currently gearing up for a major move to the upside. According to recent data, the prevailing conditions positions ETH for a potential breakout above $4,000, This analysis observes that if the altcoin manages to breach this resistance, it will pave the way for a parabolic rally.
Therefore, ETH would rally toward $7.4k, $10k, and hit a historical $14k. However, it’s vital to note that, these levels are long-term and highly unlikely to occur in the short term. Therefore, ETH is failing to compensate traders for the risks they take thus making the crypto less attractive to investors.
As of now, at the time of writing this article, ETH is being trade around $2,600 and has a 20% drop in its price following the past week and stands at #2 in terms of market capitalization valued at $314.3 Billion.