Part 5/8:

Utilizing Fibonacci retracement levels can anchor expectations where the 1.618 level indicates a mid-term target of approximately $7,300. Evidence of BTC surging toward a projected $200,000 valuation also stirs speculation that ETH might harness the momentum of Bitcoin, leveraging returns salient to BTC's success.

Competition and Market Sentiment

The price performance of ETH is not solely determined by technical analysis. Market sentiment plays a crucial role; the pervasive "fear, uncertainty, and doubt" or FUD surrounding ETH has historically kept its value suppressed. As the crypto ecosystem evolves, the narrative that ETH could be sidelined in favor of emerging altcoins raises concerns over its competitive edge.