As the US approaches a bank holiday, news breaks of a significant development: the US government has received the green light to liquidate 69,000 Bitcoin seized from the Silk Road. This decision is part of a long-running legal process, and the government now plans to sell off the massive BTC stash.
Retail traders appear to be reacting to this news, potentially fueling panic selling. A surge of bearish predictions has flooded social media, with experts suggesting Bitcoin could drop to as low as $80,000. Others are predicting a no-hope altseason, where the majority of altcoins won’t reach their 2021 highs.
Amid this chaos, Ethereum’s price action has remained largely unchanged over the past 24 hours. The market is still adjusting to the recent price movements, and while the trend has been downward since the swing high on January 6, it is not yet clear where Ethereum will go next.
For Ethereum to break out of this downward trend, it needs to stay above the $3,210 mark. As long as Ethereum remains above this support level, there is potential for a slight rally before the next downward move. If Ethereum breaks resistance at $3,624, the outlook could shift.
The most critical resistance level for Ethereum is at $3,750, which marks the swing high from January 6. If Ethereum breaks above this level, it would mean that the bullish momentum has returned.
On a more bullish note, analyst Ali Martinez suggests that if Ethereum continues to follow an ascending parallel channel, a dip to the lower boundary around $2,800 could act as a strong launching point for a move toward $6,000. This potential upside depends on Ethereum holding key support levels in the near term.
As the altcoin season begins, the short-term gains make Ethereum a lucrative buying option. However, the long-term promises of this programmable blockchain make it a viable long-term crypto investment.
As per our latest ETH price analysis, the Ethereum could reach a maximum price of $123,678.
By 2050, a single Ethereum price could go as high as $255,282.
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