Ethereum Oversold? Researcher Predicts Speculative Surge Could Spark Market Revival
2024年11月9日 - 5:00AM
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Ethereum has had a rough year, but recent insights from industry
insiders indicate a possible comeback. Matthew Sigel, VanEck’s Head
of Digital Assets Research, recently indicated that Ethereum is
oversold. He thinks that raising speculative interest in the
altcoin will enable its comeback. This comes as Ether tries to
catch up with rivals such as Bitcoin and Solana, which far exceeded
it in 2024. Related Reading: Binance Coin Breaks $600! Is There
More Upside Ahead For BNB? A Shift In Market Sentiment Sigel spoke
on The Tie’s latest episode in which he hopes Ethereum will go in
the right direction. He also noted that, although Ethereum faces
problems, particularly regarding EIP-4844 in which it changes its
economic model, opportunities can still emerge for a “bottom.”
.@matthew_sigel “I think ETH is oversold…Speculation will come back
to this market and I don’t think it’s going to ignore Ethereum.”
https://t.co/5pMcZBLzfi — VanEck (@vaneck_us) November 7, 2024 The
market is now a little conservative, but Sigel sees the commodity
drifting back into speculation, bringing price back up and
advocates to the trade again. That also places it in line with
larger Ethereum expectations. Analysts are even expecting ETH to
trade between $2,199 and $3,019 in 2024, with some expecting a
spike to above $5,000 by 2025. Excitement generated earlier this
year by acceptance of spot Ethereum ETFs has brought a regulated
gateway to investors for entering the market, both retail and
institutional investors. This development may cause massive inflows
into Ethereum with enormous financial inflows, further buttressing
its price. Technical Analysis And Price Predictions According to
the latest technical analysis, Ethereum must break above $3,000 to
sustain its bullish sentiment, and many analysts believe this may
well open roads for a new record high. According to the Ethereum
Rainbow Chart, we can see all sorts of possible prices for the
following years, with estimates reaching as high as $12,000 by
2030. However, some are concerned about Ethereum’s long-term
economic strategy. Sigel said that Layer-2 networks have started to
claim more of Ethereum’s blockspace, resulting in lower transaction
fees and income. This development has led some investors to lose
faith in Ethereum as a deflationary asset. If this trend continues
without changes to link Layer-2 networks more closely with
Ethereum’s ecosystem, VanEck’s long-term price targets may be
jeopardized. Related Reading: Solana Rockets Past BNB To Claim
Coveted 4th Spot In Crypto Ranks The Road Ahead For Ethereum
Despite these problems, commentators express a genuine feeling of
optimism about Ethereum’s future. The prospect of fresh speculative
activity, along with the regulatory certainty given by ETF
approvals, could be exactly the spark for a significant comeback.
As the market evolves and reacts to these developments, investors
are looking for signals that a positive trend will return to
Ethereum. While Ethereum confronts challenges, experts believe that
a combination of increasing interest and good market conditions
might pave the way for a resurgence in 2024 and beyond. Featured
image from DALL-E, chart from TradingView
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