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The retail sentiment towards Ethereum (ETH) continues to languish in the doldrums, with Google Trends data revealing retail interest to be at an “extremely low” level, as disclosed by cryptocurrency analyst Mister Crypto. The current sentiment towards Ethereum ranks considerably lower than during its 2017 and 2021 peaks, suggesting a large number of retail investors remain on the sidelines.
Historically, such weak retail sentiment often indicates a prime opportunity for institutional investors to accumulate assets in anticipation of the next price surge. While such low sentiment denotes a lack of confidence among smaller investors, institutions often seize these opportunities, positioning themselves for the next bullish cycle.
Despite this prevailing pessimism, crypto analyst Ted has highlighted potential catalysts for a breakout. The potential approval of an Ethereum exchange-traded fund (ETF) staking and the forthcoming Pectra update could help Ethereum regain momentum and push its price towards new highs.
This sentiment is echoed by Crypto Patel, another analyst, who observes that ETH is currently consolidating within an accumulation range. Drawing from historical price cycles and on-chain data, Patel predicts an Ethereum breakout from April onward, with a long-term target of $10,000.
Titan of Crypto, another analyst, has highlighted a bullish crossover on Ethereum’s weekly Stochastic RSI, a signal historically associated with market bottoms. He suggests that ETH could be nearing the end of its bearish cycle, setting the stage for a strong rally.
However, a contrasting viewpoint is offered by noted crypto analyst Ali Martinez. He emphasized that there has been “no change in the outlook for Ethereum,” hinting at the possibility that ETH could still hit the lower end of its current price range at $1,300.
Nonetheless, some on-chain indicators suggest Ethereum could already be undervalued. An analysis using the Market Value to Realized Value Z-score (MVRV-Z) shows ETH trading at levels historically associated with price rebounds. This metric, which compares Ethereum’s market value to its realized value, suggests that ETH might be ripe for accumulation.
To confirm a bullish reversal, Ethereum must break through strong resistance at $2,300. A successful breakout could push ETH towards $3,000 in the short term. However, a failure to surpass this level might result in extended consolidation or another price decline. As of press time, ETH is trading at $2,007, a 0.5% decline in the last 24 hours.
