Recent developments show that Ethereum has entered oversold territory. This is a bullish development for the second-largest crypto by market cap, setting the stage for a possible price rally up to $6,000.
Crypto analyst Titan of Crypto suggested in an X post that Ethereum is ready for liftoff. Historically, ETH experiences a rally or short-term pump when the RSI is in or near oversold territory on the 3-day chart.
Titan of Crypto added that an upward movement is likely, with ETH potentially reaching $6,000 or at least $3,000. Another analyst, Crypto Wolf, noted that Ethereum is nearing a bottom and advised patience for a bullish reversal. His chart indicated that Ethereum could rise to $2,900 and aim for $5,600 if it breaks the $3,900 resistance.
Analyst Poisedon also hinted at a price recovery, stating that ETH must reclaim $2,600 for an upward market shift, which could send Ethereum as high as $3,200 in the short term.
Spot Ethereum ETFs also play a critical role. Data from SoSo Value showed a net outflow of $562.31 million, largely due to selling pressure from Grayscale’s Ethereum Trust. If this pressure eases, ETH could see a significant rally, similar to Bitcoin’s past experience with its own ETFs.
At the time of writing, Ethereum's price is around $2,320, down over 3% in the last 24 hours, according to CoinMarketCap.
