Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has seen its price climb in recent weeks, rising from as low as $2,200 to trading back over the $3,000 mark.
In spite of the recent market volatility, the CoinMarketCap community, with an 82% prediction accuracy, forecasts an optimistic outlook for Ether’s price at $3,632.42 by the end of February with 70,326 votes. The target indicates a $530.57 (+17.11%) increase from the decentralized asset’s current value.
By March 31, 2022, the community predicts with 38,140 votes; the asset will have increased by $748 (+24%) from its present price to $3,850.
The price projection indicates a bullish prognosis for Ethereum; while the cryptocurrency is still around 35 percent behind its all-time highs, it should be noted that it was trading at six-month lows only last month.
Ethereum price analysis
Currently, Ethereum is trading at $3,085, down 3.54% in the last 24 hours and up 4.98% across the previous seven days with a market capitalization of $369 billion, according to CoinMarketCap statistics.
Despite Ethereum’s bullish movements in the face of critical resistance levels, Bloomberg has discussed a bearish outlook for ETH.
Indeed, Bloomberg analysts predict that the price of Ethereum might go as low as $1,700 in their most recent Intelligence report.
“Our graphic depicts Ethereum moving toward the bottom of the range and nearing the support threshold about 30% below its 52-week moving average. Ethereum could repeat last summer and revisit about $1,700,” the analysts said.
ETH’s price is headed towards sliding below the support barrier, which is located at price levels below its 52-week moving average, according to technical indicators.
According to the experts led by senior commodities strategist Mike McGlone, it has been determined that the ETH market is in a consolidation phase near the conclusion of its bull run.
In general, market activity is shown by the fact that buyers and sellers alike have benefited from trading in the region of $2,000 to $4,000.