A prominent crypto analyst, DeFi Midas, forecasts that Ethereum’s price could rebound to $5,000 in the coming weeks or months. This prediction is based on technical analysis, including an inverted head-and-shoulders pattern, and strong fundamentals. Ethereum’s price has been stuck at a crucial support level of $2,000, down from its all-time high of $4,950, and has declined for four consecutive weeks.
Despite the recent downturn, Ethereum’s fundamentals remain robust. The network’s total value locked (TVL) in ETH terms is near its all-time high, and transaction volume has increased by 27% year-over-year. Additionally, Ethereum’s active addresses have risen by 20%, and the network has become a leader in real-world asset tokenization, holding over $14.5 billion in assets. The upcoming ETHDenver event, featuring key policymakers and developers, may also positively impact Ethereum’s price.
