Ethereum, that enigmatic digital asset, has once again ascended above the hallowed $2,000 threshold, sparking fervent debates among the soothsayers of finance. Could it be that the bottom has been reached, and the days of sub-$2,000 Ethereum are but a distant memory? 🤔
With a cacophony of technical indicators hinting at a potential rally, traders and investors alike are left pondering whether the golden opportunity to snag ETH below $2,000 has already slipped through their fingers. 🚀
Ethereum’s Resurgence: A Mega Rally on the Horizon?
After a brief dalliance with the abyss below $2,000 in early March, Ethereum has staged a dramatic comeback, with several analysts predicting a continued upward trajectory. 📈
Pseudonymous crypto analyst Master Kenobi has drawn parallels to Ethereum’s 2020 price action, suggesting that history may be repeating itself. 🕰️
💡 ETH – The Bottom Is In – Proof (NFA) The formation from 2019-2020 ended with a pandemic crash on March 10, 2020. An identical ABCDE formation of roughly equal duration concluded with an induced panic crash exactly five years later, on March 10, 2025. Both occurred before…
— Master Kenobi (@btc_MasterPlan) March 19, 2025
Kenobi posits that the steep crash of 2020 laid the groundwork for an all-time high (ATH), and a similar pattern appears to be emerging in 2025. His analysis, supported by the chart below, indicates a long-range hidden bullish divergence, suggesting that the downward pressure on Ethereum may be waning. 📉➡️📈
The Relative Strength Index (RSI) levels show that selling momentum is tapering off, potentially setting the stage for further gains. 🎭
Since ETH dipped below $2,000, selling pressure has been intense, with massive outflows from Ethereum ETFs. However, as outflows slow, investors are becoming increasingly confident that Ethereum has already established its bottom. 🏦
The price surge was recorded amid $11.75 million in inflows from the United States spot Ethereum exchange-traded funds (ETFs), as per SoSoValue data on March 19th. 💰
Key Resistance at $2,400: Can Ethereum Flip Bullish?
Analyst Ali Martinez has pointed out that while Ethereum reclaiming $2,000 is significant, a true bullish reversal will only be confirmed if ETH conquers the $2,400 resistance zone. 🏰
The analyst posted a chart, showing heavy resistance in the $2,350-$2,400 range. If Ethereum clears this hurdle, the path to further gains looks promising. 🌄
#Ethereum $ETH smashed $2,000 today! But conquering the $2,400 zone is a must for a bullish flip.
— Ali (@ali_charts) March 19, 2025
Crypto analyst Caesar also weighed in, sharing a chart that outlines potential price targets for ETH. His analysis suggests that ETH could move toward $2,500 in the near term, with a strong breakout opening doors for a push toward $3,000. 🚪
$ETH – #Ethereum: you can’t be bearish at bottoms. Send it.
— Crypto Caesar (@CryptoCaesarTA) March 19, 2025
However, a failure to breach $2,400 could lead to a retest of lower support levels. ⚖️
Standard Chartered’s Bearish Outlook on ETH
Despite the bullish momentum, not all analysts are convinced. Standard Chartered recently slashed its 2025 Ethereum price target from $10,000 to $4,000. The reason? Profit-taking by major players such as Coinbase. 🏦
A Standard Chartered analyst revealed that Coinbase “proactively sold” 12,652 ETH (roughly $37 million) in Q4 2024. 💸
The bank’s research suggests that while Coinbase’s layer-2 network Base drives demand for Ethereum, the company is ultimately selling most of its ETH profits, putting downward pressure on price. 📉
“My view is that increased activity on Base increases demand for ETH in the first instance,” said Geoff Kendrick, Global Head of Digital Assets Research, while adding that “all of Base’s profits (which are circa 80% of all Base revenue) are sold (ETH-USD selling) to effectively repatriate profits back to Coinbase.” 💼
Kendrick also pointed out that Coinbase’s quarterly Ethereum holdings reflect proactive selling, with net ETH sales of 1,558 ETH over three quarters post-Dencun upgrade. 📊
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2025-03-20 16:56