After reaching $65,000 yesterday, Bitcoin has fallen back to around $62,000 today, while Ethereum has also dropped below $1,700.
While there is a risk of further decline for ETH, popular cryptocurrency analyst Ali Martinez suggests Ethereum could experience further losses.
Martinez noted that Ethereum is trading below its 200-hour simple moving average (SMA) on X, arguing that it could experience further declines if it fails to recover from current levels. He set the next major target for ETH at $1,580.
The 200-hour moving average (SMA) is an important technical indicator used to evaluate short-term trends. Prices trading below this level are generally interpreted as a sign that downward momentum is strengthening.
However, some analysts remain optimistic about Ethereum. Dan Tapiero, founder of 10T Holdings and an experienced macro investor, states that he remains optimistic about Ethereum despite years of sideways price movement.
At this point, Tapiero notes that it’s reasonable to assume ETH could increase in value by 5 to 10 times.
Secondly, former Messari analyst Tom Dunleavy emphasizes Ethereum’s role as the leading blockchain for tokenized assets, arguing that this could ultimately drive the price much higher.
Dunleavy states that if trillions of dollars worth of assets were moved to Ethereum, the price of ETH would also increase.
“Given that Ethereum itself is thought to have net assets between $750 billion and one trillion, a price target of $20,000 to $50,000 per ETH seems reasonable.”
Lastly, Tom Lee, known as a big bull in the market, believes that several factors, such as falling oil prices, decreasing inflation, a crypto-friendly White House, the passage of the Transparency Act, and increased institutional adoption, could significantly boost the value of ETH.
Based on Bitcoin, Lee predicts a price of $22,000 for ETH.
“I believe the fair value for Bitcoin should be around $250,000. That level of fair value I envision for BTC is equivalent to an Ethereum price of $22,000.”
*This is not investment advice.
