How high could the price of Ethereum go at the top of the bear market?
The Ethereum price could see a stronger rise again in the coming months. With 2024 coming up, the next bull market is most likely just around the corner. The $10,000 mark, which some analysts saw as early as 2021, should be reached any time soon.
The Ethereum price has seen more sideways movements in recent weeks. The year 2023 began with a strong increase. At the beginning of the year, the ETH rate was still below $1,200. After the rise in the first weeks of the new year, the price of ETH rose almost 50% to $1,700.
After a brief dip in early March, the Ethereum price rose sharply again and saw an advance above the $2,000 mark in April. After peaking at $2,100, the price has dipped back below $2,000 in recent weeks. The ETH price recently moved between $1,800 and $1,900.
How much can the price of ETH go up in the Bull Market?
The Ethereum course was able to see a significant rise again in 2023. However, the price is still well below the 2021 all-time high of $4,800. But after Bitcoin halving in April of next year, the new market bullish should start, in which the Ethereum price could also massively rally again.
In the last bull market, the ETH price was also able to rise very sharply. At the low point of the previous bear market, the price of Ethereum was still at $80. From there, the price was able to rise to $4,800, a 60-fold increase.
In bull markets, altcoins like Ethereum typically see larger percentage increases than the price of Bitcoin. However, Bitcoin and Ethereum price increases have also converged in recent years.
Can Ethereum Hit $20,000?
Based on this experience, the Ethereum price may still rise sharply in the coming months until the bull market. The low of the last few months was slightly below the $1,000 mark. Therefore, a rise of a factor of 10 to $10,000 in the next bull market is all but guaranteed.
It should be remembered that Ethereum’s price action over the past month has bound it into a range, oscillating between the support at $1,774 and the resistance at $1,924. The $1,924 resistance level was tested twice on May 7 and May 29, respectively, with the bears forcing a pullback in both cases.
A rise by a factor of 60 is very likely not to happen again. But a 20x rally from the bear market low to the next bull market all-time high definitely looks possible. An Ethereum price of $20,000 in the next bull market seems quite likely.
According to CryptoPredictions, Ethereum started in June 2023 at $1,503.635 and is predicted to finish the month at $1,739.273. During June, the maximum forecasted ETH price is $2,110.860 and the minimum price is $1,435.385.
Following the forecasts by CryptoPredictions, today (03.06.2023), ETH Price is expected today to be in the $1,617.908 – $2,379.276 price range. Ethereum is predicted to end today at $1,903.421.
By Audy Castaneda
