Ethereum May Rebound to $3K From Recent Lows, Analysts Say

Analysts suggest that Ethereum (ETH) is showing signs of a potential recovery after dipping to its weakest price against Bitcoin (BTC) since late 2020. Joel Kruger, a strategist from LMAX, points out that longer-term investors are beginning to buy into the recent price dip.

Key Points:

A breakout above $2,650 could indicate bullish momentum, especially with oversold relative strength index (RSI) indicators and upcoming triggers like the Pectra upgrade in March.
The next significant resistance level is around $3,000, which implies a potential gain of up to 13%.

Analysts believe that the upcoming U.S. CPI inflation report, if it aligns with forecasts of 2.9% or lower, could enhance crypto market sentiment and potentially lead to a rise in ETH prices.

Quote from Joel Kruger:

“ETH looks to be trying to establish some bullish momentum and could be looking to finally make a recovery back above $3,000. Sentiment towards the world’s second largest crypto asset has been back on the rise with many medium and longer-term players stepping in to take advantage of the recent dip.”

Ethereum Price and RSI Indicator

Figure showing Ethereum’s (ETH) price and RSI indicator.