Can Ethereum’s Bulls Overcome Slowdown?

Ethereum is down a little today, but we do not expect it to last, and we could see it go bullish again soon.

Timothy St. John•Tuesday, March 26, 2024•2 min read

Ethereum (ETH) gained 7.23% over the last week, but it is now slowing down by dropping 1.29% over the last 24 hours.

Ethereum has lost some of its momentum, but it could start going bullish again very soon. There are a few factors that will work in its favor to keep this coin pushing upward.

The token is now at $3,586 (ETH/USD) and hardly moving at all, after having gained almost 7% on Monday. That is a massive gain coming off of a bearish streak, and we doubt that the bulls are done with this coin already.

Why Ethereum May Surge Soon

We think it is possible that Ethereum may recover by the end of the day and swing upward on Wednesday. The major indicator is that Bitcoin (BTC) has surpassed $70,000 again after being down for a few days. As Bitcoin rises, it should pull Ethereum up with it.

We are also a couple weeks removed from the poor inflation numbers that sent the cryptocurrency market spiraling downward. Ethereum, Bitcoin and other tokens were doing quite well until that point, staying bullish for the most part for months. Now that those numbers are in the past and not on all the headlines, it may give Ethereum a chance to surge again.

Ethereum is also showing a clear upward momentum. It retested around $3,300 but then turned and shot up past $3,500. That upward movement could carry it to $5,000 before the end of the year. Ethereum has never quite reached $5,000 before, but if Bitcoin manages to surpass $100,000 this year, then it is possible that Ethereum will hit $5,000.

As Ethereum is down slightly today, this may be the last chance to buy before it shoots up and stays bullish for a while. Most indicators point to a continuing upward surge for the market leading into Bitcoin’s halving event.

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ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.