Modest increase, major bull run, or new pullback: what’s next for ETH?
Despite the turbulence over the past few weeks caused by geopolitical tension and other factors, Ethereum (ETH) managed to stabilize above $2,000.
Multiple industry participants expect the asset to post substantial gains in the near future, with some suggesting that the current levels provide a great buying opportunity.
New ATH in the Making?
The cryptocurrency market, which has been on a rollercoaster lately, experienced a significant revival today (March 10) after US President Donald Trump claimed the war with Iran “is very complete, pretty much.” ETH followed the green wave and is currently trading around $2,070, up 3% on a daily basis.
According to the popular market observer who goes by the moniker Merlijn The Trader on X, the second-largest cryptocurrency has returned to “the discount zone.” He believes the ongoing structure mirrors that of 2023, which was followed by a bull run.
In his view, holding the crucial $2,000 mark could lead to a major rally to almost $10,000, whereas losing it would mean that “the discount zone extends lower.”
For his part, X user James argued that ETH’s performance is similar to NVIDIA “before it melted faces.” That said, he expects the digital asset to follow the footsteps of the AI giant and explode to a new all-time high in the coming years.
Satoshi Flipper is also bullish, albeit making a more modest prediction. The trader thinks that a potential resolution to the military conflict between the USA (supported by Israel) and Iran could drive ETH to $2,500.
You may also like:
Certain on-chain indicators support the optimistic scenario. Some X users, for instance, revealed that whales continue to accumulate ETH: a development that reduces the number of tokens available on the open market and could trigger a rally (should demand remain constant or head north). The actions of large investors are also closely monitored by smaller players, who may follow suit and inject fresh capital into the ecosystem.
It is worth noting that Tom Lee’s BitMine is a notable whale that plays a main role in the buying spree. Most recently, the company purchased almost 61,000 ETH for approximately $123 million, thus increasing its total holdings to 4,535,563 coins.
Another Downtrend on the Horizon?
Contrary to the bullish predictions observed above, some analysts and traders expect ETH to head south soon. X user Crypto Tony said they await a potential rejection at around $2,060 “to short this down again.”
For his part, Ted predicted that ETH could soar to $2,400 if reclaiming the $2,150 level. After that, though, he sees “a decent chance” that the asset would dump toward new lows.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
