Market analysts predict that the upward trend in Ether (ETH) price will continue following steps taken by JPMorgan and BlackRock to launch tokenized funds on the Ethereum network. According to TradingView data, the ETH/USD pair has risen by 2% over the last 24 hours, trading around $2,320. This is reported by Coingtelegraph.com reports.
Last week, the price failed to break through the $2,400 resistance level due to outflows from spot Ether ETFs and an increase in balances on the Binance exchange. Now, to maintain the growth momentum, bulls need to hold the price above the $2,400 level.
Prominent analyst CryptoJack noted in a post on the X social network that Ethereum is consolidating in a symmetrical triangle on a short timeframe, which suggests it is on the verge of a "strong jump." Crypto Patel, based on an ascending triangle pattern that has been forming since 2020, predicts the price could rise to between $10,000 and $15,000.
Another analyst, Celal Kucuker, forecasted that the ETH price could exceed $24,000 in the long term. Momentum indicators also support this recovery: Ether's monthly Relative Strength Index (RSI) has approached the historical support zone of 42-45, similar to the situation observed before past rallies.
Experts believe that if the ETH/USD pair rises above the $2,450-$2,600 range, the trend reversal will be confirmed, and buyers will take full control of the market.
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