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Ethereum (ETH) is the second-largest cryptocurrency by market capitalization, experiencing one of the most challenging starts this year, recording its second-worst performance in the first quarter.
Currently, ETH is trading slightly above the key support level of $2,000, having dropped 43% year-to-date. This stark contrast is particularly evident when compared to Bitcoin (BTC) and XRP, which have risen 23% and an impressive 279% respectively during the same period.
Can a 60% Rise in the Second Quarter Bring It Back to $3,200?
Market expert Lark Davis drew attention to Ethereum's sharp price decline in a recent social media update, emphasizing that the Altcoin dropped 38% in the first quarter of this year.
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As the comparison chart shared by Davis shows, this figure is very close to the worst quarterly performance of 46% in the first quarter of 2018.
After experiencing that unsettling quarter in 2018, Ethereum briefly rebounded by 15% in the second quarter, but then declined by over 40% in the subsequent quarters, raising concerns among current investors that this pattern might repeat in the current cycle.
Despite these discouraging figures, Davis raised an interesting question about whether Ethereum could see a "explosive" growth in the second quarter. Historically, ETH has averaged a 66% increase during this period since 2016.
If this trend continues, and Ethereum's price achieves a 60% rise in the coming months, its price could climb to $3,200 per token—the highest level since early February this year.
Crypto Experts Predict Ethereum Price Will Rise 1,100%
Despite short-term challenges, many analysts remain optimistic about Ethereum's long-term prospects. Cryptocurrency analyst Merlijn compared the current market conditions with Bitcoin's past performance, suggesting Ethereum will follow a similar trajectory.
The analyst noted, "Accumulation, breakthrough, and V-shaped recovery loading," implying that ETH might be on the verge of a new bull market, predicting it could reach $24,000 in this cycle—a substantial 1,100% increase.
However, the path to recovery is not smooth. Expert Ali Martinez recently highlighted the key resistance levels Ethereum must overcome to achieve a sustainable short-term rebound.
Martinez pointed out that ETH's price has recovered to the actual price of $2,040, but the next major challenge is at the $2,300 mark, where the leading Altcoin has encountered strong resistance.
Although Ethereum has recently rebounded, rising 10% in the past two weeks, it still faces significant monthly losses, dropping nearly 25% after the broader market correction.
