The price of Ethereum (ETH) could recover its value and surprise the market by jumping more than 18%, according to analyst Filip L.

According to the analyst, there is a wind in favor of Ethereum although the cryptocurrency has been trading in the red this Wednesday (23). He highlighted that macroeconomic aspects, beyond the crypto market, can help the rise.

“While the ASIA PAC session saw some dark clouds forming over the Chinese government’s support package disappointment, and this pushed Asian equities to the downside, cryptocurrencies saw traders making gains after the sudden drop in the price. Snapchat earnings notice after US close,” he pointed out.

In this sense, he stated that investors can expect a new high. but that’s only if ETH manages to stay above $2,148.67. Thus, this could push the cryptocurrency to a weekly close at $2,300. That is, it would be an increase of 18%.

“Ethereum price sees the bulls fed up with the current downtrend that has been unfolding for a few months now. That way, now could be the bullish moment,” he pointed out.

Ethereum

According to Filip L. the Relative Strength Index (RSI) is sluggish. However, it is trading far from the oversold barrier.

“It looks like it will be a hot summer for cryptocurrencies. This coincides with the waning strength of the dollar seen in recent days,” she pointed out.

Based on this, the analyst believes that the ETH price is therefore set to open up a lot of ground and could go up to $3,000. But for now, the short-term focus will be on ETH hitting the $2,148.67 mark, which is the first nearby resistance to take into account.

“With the RSI still low, expect more bullish space to open towards $2,300, which is above an interesting mid-range level of $2,278.42 recorded in June last year,” he said.

Finally, he pointed out that risk to the downside could materialize if the breakout to the upside turns out to be false and traps bulls at $2,148.67.

This could lead to bulls being crushed at $1,928.89, triggering a possible flash crash to $1,688.39, the low of May 12. This momentum would likely be a synchronized move with most cryptocurrencies showing the same pattern.”

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