- Ethereum (ETH) might hit $2,900 soon.
- The timing seems ripe for ETH to stage a big rebound.
- Investors are still waiting to watch the full impact of China’s sudden crackdown.
PrimeXBT Analyst Kim Chua has mentioned that the price of Ethereum (ETH) might hit $2,900 soon.
There are a lot of concerns around the crypto market of late after moves in China saw the BTC price slump. However, there is still more bullish news around the crypto market, especially for Ethereum, which is the second largest cryptocurrency in the market.
Ethereum still moves strongly along to its major upgrade, and ETH has still more excitement to keep the investors interested. Moreover, the dip in BTC price and the fall off of mining activity has seen ETH to show more activity this week.
According to CoinMarketCap, the ETH price is at $2,317, with a 24-hour trading volume of $19,820,447,528, at the time of writing.
In the above chart, ETH shows double bottom around two weeks ago at $1,700. Moreover, with the price rise over the past few days, ETH has broken out of the downtrend since May and looks to assume a fresh new uptrend, along with a bullish flag trend, as per the PrimeXBT analyst Kim Chua.
Moreover, the next resistance of $2,300 has been broken. It is also pushing again towards $2,900. The timing seems ripe for ETH to stage a big rebound, with the London Hard Fork and roll out of EIP-1559 in less than 2 weeks.
Many investors are still waiting to watch the full impact of China’s sudden crackdown on crypto plays out, however this is mainly affecting BTC leaving few altcoins like Ethereum to open trade. Added to this, these continued upgrades and technical improvements have many investors keen to see the coin’s continuous growth, and with this growth users can expect renewed interest in the project and possibility of new price action.
About PrimeXBT Analyst Kim Chua
Kim Chua is an institutional trading specialist with a track record of success that extends over leading banks that includes Deutsche Bank, China Merchants Bank, and more. Later, Chua launched a hedge fund that consistently reached triple-digit returns for seven years.
Also, Chua is an educator at heart who has developed own proprietary trading curriculum to share her knowledge to new generations of analysts. Moreover, she actively follows both cryptocurrency and traditional markets closely and is eager to search future investment and trading opportunities as the two huge various asset classes begin to converge.