Ethereum, the second-largest cryptocurrency by market cap, is currently battling a correction phase. Post-Bitcoin Halving, nearly all leading altcoins felt the after-effects or halving jitters, sending ETH and other notable altcoins to hit new lows.
According to CoinMarketcap, Ethereum has been down 10% in the last month. However, the token is up 0.30% at press time, trading at $2,912.
The consistent low levels posed by Ethereum are compelling analysts to provide basic reasoning, outlining why ETH is trading at a gradual pace.
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Ethereum in the Correction Phase
Notable crypto analyst Michael Van De Poppe is back with a new Ethereum price analysis. The expert shared how Ethereum’s price level hovering at $2,900 indicates that the token is currently at the end stage of correction, testing the surface tension.
In trading jargon, a correction is a phase when cryptocurrency assets temporarily plummet from their prices during an uptrend. Corrections denote a temporary fallback in prices while maintaining the steady pace of the asset.
Per Van De Poppe, Ethereum’s current correction phase is testing the $2,900 level. Once ETH manages to soar past such levels, it can claim a new price level in the next few weeks.
“Ethereum is at the end stage of the correction. There’s around 10% more to go down on it, as then we’re reaching a higher timeframe support level. The good times are there in a few weeks.”
Ethereum May Forecast
As Ethereum enters its end stage of correction, several crypto analytics platforms also signal an impending price hike for the asset.
According to CoinCodex, Ethereum’s price may spike by nearly 3% to a new high of $3,002 by the end of May 2024.
“According to our current Ethereum price prediction, the price of Ethereum is predicted to rise by 3.20% and reach $3,005.24 by June 14, 2024. Per our technical indicators, the current sentiment is bearish, while the Fear & Greed Index is showing 64 (greed). ETH recorded 16/30 (53%) green days with 3.25% price volatility over the last 30 days.”
By May 22, ETH may complete its ongoing correction phase to push towards touching the $2898 mark.
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“The ETH price forecast for the next 30 days is a projection based on the positive and negative trends in the past 30 days. Based on these ETH projections, ETH will be changing hands at $2,989.82 on May 22, 2024, gaining 2.67% in the process.”
By the end of 2024, CoinCodex will share a new price level for Ethereum. If the market momentum continues to support Ethereum’s flow and rally, the token may ascend to trade at $6,503.
“ETH is forecasted to trade within a range of $2,912.03 and $6,505.33. If it reaches the upper price target, ETH could increase by 123.44% and reach $6,505.33.”