Ethereum’s price hasn’t been keeping up with Bitcoin’s recent surge. While Bitcoin hit a new high, Ethereum is still below $4,000. But some analysts see this as a temporary setback.
A Bullish Outlook
Crypto analyst CryptoBullet thinks Ethereum’s price action resembles its January 2021 rally. They predict a possible dip to around $3,700 this week, but believe it will quickly recover. The key, according to CryptoBullet, is Ethereum’s ability to stay above important resistance levels – a strong sign of future growth. They emphasize not to underestimate Ethereum’s potential.
Another analyst, Titan of Crypto, agrees, pointing out Ethereum’s highest weekly close since 2021 as a significant achievement. They believe a successful retest of support levels could send Ethereum to new all-time highs. Both analysts see a path to Ethereum reclaiming its previous high of almost $4,900.
The Price of Optimism: Liquidations
Despite the positive predictions, not everyone is celebrating. Over the past 24 hours, a significant number of Ethereum traders (and other crypto traders) got liquidated – meaning their positions were closed due to losses. This amounted to over $396 million in total liquidations, with Ethereum accounting for a substantial portion, largely due to traders who were betting on price increases. This highlights the risk of leveraged trading.
