Ethereum (ETH) has taken a bit of a dive recently, dropping over 10% from its New Year’s high. It even dipped below the $3,300 support level. But don’t worry, some analysts are still super optimistic about Ethereum’s performance this quarter.
A Bullish Pattern Emerges?
After losing some of its New Year’s gains, ETH fell below $3,320. This caused a 14% drop from its high of $3,744. While it briefly recovered some ground, the recent market downturn pulled it down to around $3,210. The $3,200-$3,300 range was a pretty solid support level in December.
Several analysts believe Ethereum is forming a bullish “inverse head and shoulders” pattern. This pattern, if it plays out, could send ETH to new highs.
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Rekt Capital pointed out this pattern on the monthly chart, noting the $3,650-$3,760 range as major resistance. A drop to around $3,000 could complete the pattern.
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Miky Bull also saw this pattern, predicting a potential price surge to $7,000 – a massive increase of around 87.53%!
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Ali Martinez agrees, saying a dip to $2,900 would be a great buying opportunity, aiming for that $7,000 target. However, he cautions that if ETH falls below $2,800, the pattern is invalidated.
More Optimism
Another analyst compared ETH’s current performance to its behavior in early 2024 and 2025, suggesting the recent dip is just a temporary shakeout. They remain very bullish on the first half of 2025.
Crypto Wolf believes there’s little downside left, predicting a maximum retracement of 4-7% before ETH aims for all-time high (ATH) levels.
Currently, ETH is trading around $3,255. Will it reach $7,000? Only time will tell, but several analysts are betting on it.
