Ethereum (ETH) price rallies but experts are not convinced

LAGOS (CoinChapter.com) — Ethereum’s price rose significantly today to reach an intra-day high of $1,800 after registering some intense selling pressure in the past week.

In detail, following the recent cryptocurrency market collapse the second-largest token by market capitalization charted a notable green candle. The token surged by more than 4% to restore the $1,800 benchmark where it had bounced around throughout May.

Ether’s market structure continues to be bearish with the failed attempt to break the descending channel resistance at $2,000 on June 1. This three-week-long price formation could mean that an eventual retest of the $1,700 support is underway.

Ethereum which is 60% below its all-time high failed to recuperate its losses from the first quarter of the year. However, credible indications have emerged that the king of altcoins might maintain the current upward movement.

The token at press time was trading at $1,830 adding over $50 in the value in the last 24 hours. ETH price is also up 1.5% in the last 7 days, according to data from Tradingview.

If the increase persists the token might be set to record the same tremendous growth it registered in August, 2021. Notably, Ethereum registered a 121% increase in the span of 46-day in August followed by another 74% rally in October.

Crypto Analysts Express Mixed Reactions Towards Ethereum Price

Notably, due to its current market structure, experts have opined that the bearish period for the second-largest token is not over. Crypto Tony via his official Twitter handle warned that the price of Ethereum will still drop to around $1,500.

Tony urged trades to “never lose sight of the bigger picture.” With the chart provided, he predicted that Ether’s price would still drop significantly on the chart provided, hinting at another crypto winter.

Another Twitter user noted that the main victims of Ether’s price correction were leverage traders as about $160 million was liquidated at derivatives exchanges.

However, Twitter user Rekt Capital expressed optimism that Ethereum’s price could be headed to a new positive level. He said:

“ETH bouncing from major support is no surprise. It’s more about how much #ETH will move from here. Technically, #Ethereum could rally to as high as ~$2269 to flip it into new resistance. General gist is that whatever this rally turns into, it will likely be weaker than mid-2021.”

Crypto trader Ace of Alts also indicated that Ethereum is currently holding the range lows again for the fourth time. He suggested that if this continues “we could see a bounce to the $2700 region over summer.”