Ether (ETH), the second largest cryptocurrency by market capitalization, has recently reached its lowest price compared to Bitcoin (BTC) since the end of 2020 in a panic accident powered by war, but a rebound in relief could be on the horizon.
“ETH seems to try to establish a bullish momentum and could finally seek a recovery over $ 3,000,” said Lmax strategist, Joel Kruger, in a Tuesday morning report. “The feeling of the second greatest asset in world cryptography has been back up with many medium-term players intervening to take advantage of the recent decline,” he added.
“ETH seems to try to establish a bullish momentum and could finally seek a recovery over $ 3,000,” said Lmax strategist, Joel Kruger, in a Tuesday morning report. “The feeling of the second greatest asset in world cryptography has been back up with many medium-term players intervening to take advantage of the recent decline,” he added.
Ether’s relative force index (RSI), a key technical indicator representing the momentum, has dropped to almost 35%, which foreshadows a rebound on several opportunities for similar occasions, the cryptographic analysis company 10x Research in a report.
The next Pectra upgrade, scheduled for March, could also provide a “modest media wave” in the coming weeks, added the report. The report on the inflation of the Wednesday IPC, if it arrives in accordance with the forecasts of analysts by 2.9% or less, could also increase the feeling of the market of cryptography and higher ETH fuel, according to the report.
Ether is currently fighting with a key resistance at around $ 2,650, and an escape could see prices climb to the next level of resistance of around $ 3,000, said 10x research analysts.
Read more: Ether has underperform, but the total value locked on Ethereum increases: Citi
ETH lost 20% of its value in last month when the Altcoin border market bled against Bitcoin, which has consolidated itself laterally in a narrow range around the level of $ 100,000. The second largest crypto recently dropped by 1.5% in the last 24 hours to $ 2,644, and a rebound in current levels at $ 3,000 would result in a gain of 13.5%.
