Ethereum is underperforming among the top 10 cryptos. In the last bull cycle, traders expected ETH to break $5,000 and reach new all-time highs. However, much to their disappointment, the coin barely scratched $4,000.
Prices couldn’t be sustained above $4,100, and in the last three months, the coin has dropped by nearly 50%. At the time of writing, Ethereum is trading at around $2,070 and risks plunging below this key round number as bearish pressure continues.
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Will Ethereum Rally to $6,000?
It’s not all doom and gloom.
On X, Peter Brandt, a technical analyst, believes the second most valuable coin has the potential to not only surge above its Q4 2024 highs but also print new all-time highs.
Based on his analysis on X, Brandt predicts the coin could climb to $6,000.
The trolls have criticized me for years re: my opinion that $ETH is nothing but 💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩💩 pic.twitter.com/qP0HV9YWIV
— Peter Brandt (@PeterLBrandt) March 3, 2025
Currently, the coin is within a potential 11-month rectangle pattern, with prices trapped between a key support and resistance horizontal zone. Looking at this price action, traders and “diamond” hands are likely accumulating, buying the dip.
The primary support level is at $2,150, and if Ethereum breaks higher, it may spike to $6,000.
Bullish as this outlook may be, traders can only wait, aware that as momentum fades and traders cash out from the last bull cycle, the fuel for this upward leg may diminish.
So far, on-chain data shows that Ethereum has strong support at $2,100, where over 500,000 ETH were bought.
Additionally, momentum could shift if, for example, Solana resumes its uptrend and developers continue deploying meme coins.
Solana was among the top performers in 2024, breaking $265 before racing to $295 and registering all-time highs.
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Is Solaxy (SOLX) the Next Big Opportunity?
Though optimism remains high and ETH is stable at press time, some investors are turning to other potent, low-risk, high-reward alternatives.
One such option is Solaxy, a project building the first Layer-2 solution for Solana.
Since the start of its presale, Solaxy has raised over $24.8 million.
At press time, SOLX, the utility token powering the Layer-2 solution, is trading at $0.001652. However, prices will increase in the next presale phase, which begins in the next 11 hours.
Interest is high, and Solaxy is gaining traction thanks to its goal of decongesting the Solana mainnet during periods of high demand.
By further scaling Solana, fees will be lowered, making the platform even more attractive for developers seeking speed and reliability.
Solaxy is also interoperable and recently integrated Hyperlane, enabling smooth asset transfers between the rollup and the mainnet.
Additionally, Solaxy developers integrated the Sovereign SDK and a CLI for Solana to enhance compatibility.
It remains to be seen how SOLX will perform once it begins trading. If SOL is listed among the top altcoins in the upcoming crypto reserves in the United States, SOLX could soar.
Aware of this possibility, presale investors are buying SOLX using ETH, debit or credit cards, and other coins—many through the Best Wallet—and staking them for a 165% APY.
Ethereum stagnant but analyst thinks ETH can break $6,000: Time to also buy Solaxy (SOLX)?
- Ethereum under pressure, trading at around $2,100
- Will ETH hit $6,000?
- Solaxy raises over $24.8 million in ongoing presale
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