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The price of Ethereum ETH has settled at $3,804, following a sharp weekly decline of 13%. Analysts are divided between expectations of a strong surge towards $10,000 or a deeper drop potential. Additionally, key indicators reflect mixed signals, leaving the market in a state of high vigilance and caution.
Expectations for a new bullish phase
Crypto analyst Michaël van de Poppe believes that Ethereum may be about to embark on its next upward wave. He explained that the coin recently completed a key price test, which may pave the way for new levels soon.
The analyst also added that the test of the previous resistance area seems complete, thus it may open the door for a potential breakout, indicating that this movement could bring Ethereum closer to the $10,000 level, if the short-term momentum continues.
As for the ETH/BTC pair, Ethereum is still holding a support level near 0.033 Bitcoin, which had previously been a resistance earlier this year.
The price currently stands at around 0.036 Bitcoin, reflecting signs of stability, and this area has been identified as ideal for buying by traders closely monitoring the pullback.
Decline in trading volume during the correction period
Forecasts suggest the previous trend may continue if the price holds at the current support level. Strengthening this possibility is the increase of the coin by 44% from June to the recent peak, which reinforces the idea of another potential upward movement.
Weekly MACD indicator turns bearish
Conversely, other indicators suggest the need for caution. The weekly MACD indicator has turned red, and the main line of the indicator is curling down towards the signal line.
Current price data
Current price: around $3,830.80.
Lowest price in 24 hours: around $3,684.30.
Highest price in 24 hours: around $3,963.66.
Market cap: around $459.13 billion.
24-hour trading volume: around $62.08 billion.
Also read: Bitcoin price forecast: Will BTC be affected by gold becoming the second largest reserve?
Future forecasts
Short-term forecast: Ethereum may see a rise towards $4,500–$4,650, if the price remains above the support level at $3,974.
Long-term forecast: Some models predict the price reaching $5,000 by the end of 2025, especially if the upward momentum continues.
