His accompanying chart showed that the leading altcoin could rally to as high as $6,000 as it records a bullish reversal. Related Reading: Ethereum, Dogecoin, And The Altcoin Market: Why Up-Only For 217 Days Is Possible Crypto analyst Crypto Caesar also stated that the Ethereum price is currently bottoming out and that ETH is "heavily undervalued.” He added that in every bull cycle, there is always a moment when most market participants think that the altcoin will never recover after a big bearish event.
While noting that the leading altcoin is fluctuating between $2,044 and $2,080, he remarked that there are signs that Ethereum initially formed a bottom. Related Reading: Ethereum Could Be Mirroring Bitcoin’s 2018-2021 Cycle Amid Record Selling Based on his analysis of the 4-hour candlestick chart, Gray stated that the Ethereum price is attempting to break through upwards, with the key resistance level at $2,160.
He noted that with ETH reclaiming $2,040, the next key hurdle is this $2,300 level, where the pricing bands suggest strong resistance. Why ETH Has Bottomed In an X post, crypto analyst Titan of Crypto stated that the Ethereum price is showing signs of bottoming.
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