Ethereum, the world's second-most popular cryptocurrency, has been in a downtrend lately as it has deviated from the $1,800 resistance level and failed to meet the expectations of the 100-day and 200-day moving averages.
This development is a clear bearish signal for Ethereum's medium-term prospects. However, despite the notable bearish sentiment in the market, it is worth noting that a potential recovery of support could set the stage for a new Ethereum rally that favors market consolidation.
It is worth noting that a new Ethereum rally requires futures traders to enter an aggressive buying phase.
Currently, the price of Ethereum has risen slightly to around $1,639.31, and the RSI (Relative Strength Index) indicator supports this uptrend while the price of Ethereum continues to fall. On August 29th, its price was above $1,730. This all points to a classic reversal pattern.
Ethereum was supported by the news that the SEC may approve the Ether ETF. After this information, there was a sharp increase in activity on the Ethereum network. There were over 467,000 interactions with unique addresses in a 24-hour period, a record high since June 16, when the ETF announcement was made.
Unlike traders, however, investors are interested in medium- and long-term Ethereum price forecasts, such as for 2025 and 2030. Traders Union experts believe that by the end of 2025, the average price of Ethereum will reach $2,110.13, and by the end of 2030, it will be $3,833.49.
It should be remembered that price models and forecasts are for informational purposes, as they take into account the current situation, but in the future there may be many unforeseen events that can either accelerate the growth of Ethereum or cause its price to fall.
Further reading: What does GOOGL expect in 2025?