VanEck: Ethereum will reach record growth in the near future

The leading altcoin Ethereum ETH $3,136.04 Bridged Ether (StarkGate) 1.22% Market capitalization $0.26 billion VOL. 24 hours $1.34 billion , the second largest cryptocurrency by capitalization, recently rose by 8.8% per day. This has sparked optimism about the possible recovery of the crypto asset. Matthew Siegel, head of digital asset research at VanEck, believes that Ethereum may be «oversold,» indicating that its market price is potentially undervalued.

This year, ETH has struggled compared to Bitcoin BTC $90,571.33 Bitcoin -0.69% Market capitalization $1.79 trillion VOL. 24 hours $2.11 billion as the ETH/BTC trading rate has hit multi-year lows. However, the Byzantine General analyst suggests that Ethereum may be approaching a so-called «monster rally.»

A similar opinion is supported by analyst Benjamin Cowen, who points out the importance of the ETH/BTC rate. In his opinion, a breakout of this rate above the SMA could lead to a significant increase in the Ethereum price.

Ethereum is currently trading at around $ 2,818, with its 50-day EMA at $ 2,744, while its 200-day EMA is around $ 2,805, indicating a downtrend in the short term.

The Exponential Moving Average (EMA) is a technical indicator used by traders to analyze price movements in financial markets. It gives more weight to the latest prices, which allows it to better reflect market trends than simple moving averages.

The Relative Strength Index (RSI) at around 57 indicates that ETH is approaching an oversold zone. If the resistance at $ 2,876 is successfully broken, the next target could be $ 3,000, with a possibility of reaching $ 3,300.