Ethereum (ETH) faced a significant price correction earlier this month, falling from above $2600 to around the mid-$2400 levels. The correction follows a general market dip followed by Iran’s attack on Israel. The second-largest crypto project by market cap has struggled to gain traction this year, failing to reclaim the $3,000 level, which it lost in early August.
While ETH is among the most popular and successful crypto projects, the asset has not performed as investors hoped. The launch of a spot ETH ETF (Exchange Traded Fund) in the US did not yield the same results as the spot Bitcoin (BTC) ETFs earlier this year.
Despite the lackluster performance, ETH could soon be gearing up for a big rally.
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Will ETH Hit New All-time High Soon?
ETH is currently down by about 50% from its all-time high of $4,878.26. The asset hit this figure in November 2021, almost three years ago.
According to cryptocurrency analyst Ali Martinez, if ETH maintains support above $2,300, it may rally to a new high of $6,000. Reaching $6,000 from current price levels will translate to a rally of about 145.8%. According to the chart shared by the analyst, the asset could hit the $6000 mark sometime in 2025.
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On the other hand, the analyst warns that if the asset fails to hold the $2,300 level, it may drop to $1,600. Falling to $1,600 from current prices will entail a dip of about 34.45%.
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Changelly analysts also paint a similar picture for Ethereum (ETH). The platform does not anticipate ETH breaking the $6,000 mark this year and predicts the asset to trade at a potential maximum price of $7,194.28 in 2025.
