After a wild week that rocked the crypto market, Ethereum (ETH) appears to be stabilizing, with some analysts once again offering a bullish outlook. Top market analyst Benjamin Cowen claims that Ethereum’s next big move could see it reach $5,000 in no time. The second-largest cryptocurrency has successfully recovered from a sharp drop that briefly fell below the $3,900 support zone and is currently trading around $4,200.
long term reversal
Once ETH broke above the 200-day moving average (black line), which has historically served as a long-term accumulation zone, buyers jumped in and quickly recovered from last week’s decline. This structure appears promising from a technical point of view. The RSI has recovered from a moderate level of 47, and momentum may be changing.
On the other hand, the recent surge in rebound volume indicates renewed interest from institutional investors who may be waiting for Ethereum’s next rally. Despite the recent volatility, the 50-day moving average (orange) and 100-day moving average (blue) remain in bullish configuration and maintain the overall trend. According to Cowen, this adjustment was a normal aspect of Ethereum’s consolidation phase before its subsequent growth. He claimed that ETH is simply resetting and doing what it always does before a breakout.
quick ETH flip
If market sentiment changes, a move to $5,000 could happen sooner than most expect. There are several important factors that support this outlook. Ethereum network activity remains strong, staking participation is still increasing, and adoption of layer 2 scaling is growing rapidly.
These are all signs of strong pent-up demand. Following Cowen’s blinkered prediction, ETH could retest its all-time high near $4,900 if it can break out of the $4,400-$4,500 resistance zone. In other words, despite continued short-term volatility, Ethereum’s structural and fundamental health remains sound. Now that momentum is picking up again, a path to $5,000 looks more likely, and it could happen sooner than anyone expected.
