Ethereum, the second-largest cryptocurrency by market cap, is currently experiencing a correction phase post-Bitcoin Halving. This has resulted in a downturn for ETH and other leading altcoins, with Ethereum down by 10% in the last month but up 0.30% at the time of writing, trading at $2,912.
Analysts are trying to understand why Ethereum is trading at a slower pace, with experts like Michael Van De Poppe suggesting that Ethereum is in the final stages of correction. This correction phase is when cryptocurrency assets temporarily drop in price during an uptrend, maintaining a steady pace overall. Van De Poppe believes that once Ethereum surpasses the $2,900 level, it could see a new price level in the coming weeks.
According to CoinCodex, Ethereum’s price may increase by nearly 3% to reach $3,002 by the end of May 2024. The platform predicts that by June 14, 2024, Ethereum could reach $3,005.24. The sentiment is currently bearish, but the Fear & Greed Index indicates greed with 53% green days and 3.25% price volatility over the last 30 days.
By May 22, Ethereum may hit the $2,898 mark after completing its correction phase. Looking ahead, CoinCodex forecasts that by the end of 2024, Ethereum could reach a new price level of $6,503 if market momentum continues to support its rally.
Overall, Ethereum is navigating a correction phase, but analysts remain optimistic about its potential for growth in the near future.