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Ethereum (ETH) Price to Reach $7000: Why Experts Are Predicting a New ATH
The price of Ethereum (ETH), alongside other top cryptocurrencies, has plummeted below key levels. Despite the pessimistic market outlook, experts are predicting that Ethereum could hit an unprecedented new all-time high of $7,000 this year.
Historically, it has been observed that dips such as the current one typically set the stage for significant price rebounds. This presents a substantial buy zone for Ethereum, with an average run-up following past drops exceeding 200%. Consequently, the ETH price could soon witness an explosive breakout.
A key indicator is the Relative Strength Index (RSI) on the weekly Ethereum chart, which has declined to lower levels. This suggests that Ethereum is primed for a potential reversal of its current downtrend.
Furthermore, the price of Ethereum has dropped below $2,000, a rare event that last occurred in March 2020 when ETH plummeted from $283 to $19. Experts believe this unusual scenario could trigger a massive bull run towards a new all-time high.
In light of this, some industry leaders are not convinced about the potential upside for Ethereum. However, there is no denying the significance of recent developments, which could have far-reaching implications on the future of ETH.
As reported in our previous coverage, Mike McGlone, Senior Macro Strategist at Bloomberg, expressed concerns regarding the direction of Ethereum. He suggested that a further decline in ETH could signal broader financial market weakness.
On the other hand, Peter Schiff, an experienced market analyst, is predicting that Ethereum will continue its downward trend and potentially drop below $1,000 within a short period.
It is essential for readers to conduct their own research and consult with financial experts before making any investment decisions.
Source: https://www.crypto-news-flash.com/ethereum-eth-price-to-reach-7000-why-experts-are-predicting-a-new-ath/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-eth-price-to-reach-7000-why-experts-are-predicting-a-new-ath
