The recovery in Bitcoin (BTC) and altcoins has stalled. While the rise in Bitcoin has stopped around $68,000 and Ethereum (ETH) above $2,000, an analyst has shared his expectations for ETH.
Swyftx analyst Pav Hundal said Ethereum is likely to trade sideways for now.
Hundal stated that many of the short-term macroeconomic risks, uncertainties, and upcoming sectoral catalysts have already been reflected in the Ethereum price, and that ETH is expected to move sideways in the coming weeks.
“A significant portion of the short-term uncertainty has already been reflected in Ethereum’s price. Therefore, it is quite likely to remain relatively calm over the next few weeks.”
The analyst also stated that geopolitical tensions between Iran and the US, and developments regarding the US cryptocurrency market structure bill (CLARITY Act), have already been reflected in prices.
However, he noted that unless unexpected additional catalysts emerge, the market and Ethereum will likely remain within a certain range.
Hundal stated that the $19 billion liquidation event that occurred last October is still affecting the market, arguing that the collapse damaged investor confidence and that confidence has not yet fully returned.
Hundal also pointed out the possibility of increased volatility in the medium term, saying, “Ethereum may enter a phase that will test even experienced investors. If the ETH/BTC ratio rises, Ethereum’s momentum could sharply strengthen.”
*This is not investment advice.