Ethereum (ETH) price is likely to start rising as investors support a similar outcome.
Altcoins may experience some resistance after the breakout as profits become saturated, but there is a chance they will recover by then.
Ethereum investors remain hopeful
The price of Ethereum may rise due to investor optimism . Although the altcoin is showing weakness after falling from $3,800 to $3,580, Ethereum holders are hoping for a rise .
This can be seen in the asset's vitality. The vitality indicator is trending downward, indicating bullish sentiment among investors. This suggests that many people are hoarding Ethereum, which could contribute to a potential price rise.
Read more: How to invest in Ethereum ETF?
In fact, despite this bullish sentiment, only 87% of the current circulating supply is making a profit. This is significantly lower than the market peak of 95% and indicates that there is still significant room for growth.
Current yields suggest that Ethereum has not peaked yet and there remains room for further price appreciation. Investors holding Ethereum are likely expecting this rise.
With low liquidity indicators and a significant portion of the circulating supply still unprofitable, the price of Ethereum is likely to move beyond the current bottoming phase.
Ethereum Price Prediction: Possible Future Recovery
Ethereum price, which is currently trading at $3,492, is bottoming out but is expected to break through $3,582. Securing the latter as support could lead to a rebound to $3,700. A return to this level as support would allow the altcoin to recover its recent losses.
This will also result in Ethereum price securing the 50% Fibonacci retracement line as support.
Read more: Ethereum (ETH) price prediction 2024/2025/2030
However, if a breakout fails and the altcoin bottoms, Ethereum may continue to move sideways . The overall weakness in the market would invalidate the bullish logic if the price falls below the $3,459 support level. Therefore, Ethereum could fall to $3,336, which is the 38.2% Fibonacci line.
