The crypto markets continue to remain flat as the prices of the popular cryptos display no significant change with diminished volatility. Mainly the ETH price which has been stuck within a deep bearish trend is believed to pull the final leg down before closing the yearly trade. However, the 2022 bear market is believed to continue ahead as the prices do not appear to be stabilized with the beginning of the fresh yearly trade.
Moreover, the price certainly may not remain bearish for long as the market sentiment may soon turn positive. Considering the larger time frame, ETH price shows the potential to soar higher in the coming days despite the current bearish market. The second largest asset has raised its lower support and hence is expected to stage a sharp rally once it hits the key areas.
A well-known analyst, in his latest update, believes that the ETH price may soon ignite a firm bull run and maintain a significant upswing for the next couple of years.
Most of the bear market seems to have been completed and therefore the coin may start with a new cycle very soon. ETH price bounced off the lower support during the March 2020 low (blue colored line) and took a giant step higher during the 2021 bull run. However, looking at the current scenario, these support areas seem to have extended, and hence ETH price may move slightly lower to test these levels in the coming months.
This is when the asset may mark its bottoms for the current bear market cycle beyond which a significant upswing may be set in place. With a rebound, the Ethereum price may ignite a firm upswing which may further take the form of a bull rally too. However, as per the analyst, the ETH price is primed for new highs and mark a 4-digit figure by mid of 2025. The ETH price top then is assumed to be somewhere between $12,000 to $16,000 then.
Considering the current bottom, Ethereum price could retest the lower support below $1000 towards $950 or slightly lower. Or in case of extreme bearishness even move to the last point of defense at around $300 and ignite the rebound. However, then the strength of the rally has waned and the recovery phase could be extended till 2024.
