Ethereum Price Predictions: Analysts Weigh Optimism Against Indicators

Analysts predict potential gains for Ethereum, citing increased network activity. Optimism surrounds upside targets, yet indicators like rising RSI and negative ETF inflows hint at possible short-term selling pressure. Ethereum rose about 10% recently but may face a correction as some traders remain cautious.

Ethereum (ETH) has been generating some buzz lately, with analysts and traders on X suggesting that the cryptocurrency could be in for more gains soon. They’re pointing to technical patterns and a rise in network activity as potential indicators of a rally. However, there are mixed feelings; Ethereum’s rising RSI, alongside positive exchange netflows but weak ETF inflows, suggests that selling pressure could surface in the short term.

In the last week, Ethereum’s price has jumped about 10%, reaching a high of around $1,800 on April 23, before settling at approximately $1,750. Some observers think this asset hasn’t fully revealed its potential yet. A user on X, named Ted, noted a 10% rise in active addresses within just 48 hours, speculating that ETH is gearing up for what he called an “epic revenge rally.”

Crypto trader Christiaan chimed in, analysing trading patterns and predicting that ETH’s price could potentially leapfrog over the $2,000 mark. However, perhaps the most optimistic viewpoint comes from analyst Gert van Lagen, who believes we might be witnessing an inverse head-and-shoulders pattern, projecting a surge to around $20,000. He feels the recent market behaviour has left “loads of retail shaken out the Right Shoulder.”

On the flip side, there are indicators pointing towards a possible pullback for Ethereum. For example, ETH’s exchange netflow has been positive lately, indicating a trend towards centralised trading platforms, which could trigger increased selling pressure soon.

When looking at the inflows into spot ETH ETFs, data shows these figures have been seldom positive recently. Although there was a spike on April 22, many instances have shown that liquidations outnumber additions to these funds, hinting at institutional hesitance.

Lastly, there’s the Relative Strength Index (RSI), which tracks price change speed. An RSI above 70 is usually seen as bearish territory. Today, April 24, it’s hovering around 65, suggesting that Ethereum may be a bit overbought and could be poised for a correction soon.