Ethereum Plummets as Bitcoin Recovers, Raising Concerns About Future

Ethereum's price has plummeted to a weekly low of $3262, a 6% decrease, following a downtrend since March 2nd. The market cap has fallen by 2% to $398 billion, while trading volume has surged by 31.46% to $17 billion. Despite Bitcoin's recent recovery, Ethereum remains under pressure, prompting concerns about its long-term viability.

Ethereum's Downtrend Continues Amidst Bitcoin's Recovery

Ethereum, the second-largest cryptocurrency by market capitalization, has plummeted to its lowest point of the week, falling to $3262 and marking a 6% decline. This downward trajectory mirrors that of Bitcoin, which has been in a downtrend since March 2nd.

Despite Bitcoin's recent recovery, Ethereum has failed to follow suit, raising concerns about its long-term prospects. The market capitalization of Ethereum has also dipped 2% to $398,401,567,957. However, the trading volume has surged by 31.46%, reaching $17,452,359,795.

Peter Brandt's Disappointment with Ethereum

Well-known trader Peter Brandt has expressed his disappointment with Ethereum, calling it a "junk coin" that lacks the fundamental qualities for long-term success. In a Twitter post, Brandt criticized Ethereum's store of value, functionality, and high gas fees.

Ethereum's Price Recovery: Hope or Despair?

The question arises: will Ethereum recover to the $4000 mark? Bitcoin's recent recovery should positively impact Ethereum, but the hourly chart shows a price support around $3200. If buyers can maintain this level, there is a chance for recovery. However, a drop below this support could signal a continuation of the bearish trend, potentially pushing Ethereum down to $3000.

Analyst Predicts Altcoin Season, Ethereum Surge

Analyst El_crypto_prof has presented a chart analysis indicating the potential for a massive altcoin season, the largest since 2017. The analysis highlights a wedge pattern between Ethereum and Bitcoin, which historically suggests bullish outcomes. El_crypto_prof also noted a critical trendline that could result in a bullish breakout, further supporting the potential for Ethereum's growth.

Ethereum Price Surge Post-Halving: Analyst Predictions

Several analysts have predicted a spike in Ethereum's price within months of Bitcoin's halving. Historical data shows a consistent surge in Ethereum's price following previous Bitcoin halvings. During the last halving, ETH's price jumped 106%, rising from $210 to $433 in three months.

Impact of SEC's Decision on ETF

Jupiter Zheng, head of research at Hashkey Capital, has commented on the potential impact of the SEC's decision on a spot Ethereum ETF. He believes that a denial would not be as bearish as expected, as the market has not fully priced it in and traditional funds can still access Ethereum through Bitcoin ETFs. However, an approval would be a highly bullish development, triggering a price surge.

Conclusion: Ethereum's Future Unfolds

Amidst ongoing uncertainty and speculation, Ethereum's trajectory remains unclear. With Bitcoin halving approaching, many analysts predict a significant price increase, while others remain cautious. Ethereum's ability to break the previous high of $4000 and achieve a new all-time high remains to be seen. The coming months will be crucial in determining the future of Ethereum, the crypto market's second-largest player.