Ethereum is trading at $1,711.78 on June 23, down 0.83% and below all major moving averages. This comes as three prominent crypto strategists shared long-term price targets ranging from $20,000 to $50,000. They base their optimism on Ethereum’s role in tokenizing real-world assets.
Technical picture shows bearish pressure
The daily chart shows Ethereum recovering from a crash near $1,500 on June 5. But it is struggling to break above the descending supertrend at $1,850.22. This level has rejected all rebound attempts since mid-June. The four exponential moving averages are in bearish order: the 20-day at $1,757.17, the 50-day at $1,902.14, the 100-day at $2,064.85 and the 200-day at $2,339.38. The bright red area on the chart indicates the area that price must recover before a long-term bullish scenario becomes technically relevant. Right now, Ethereum is simply struggling to stay above its near-term bottom. That stands in stark contrast to the six-figure targets talked about by Wall Street strategists.
On the 2-hour chart, Ethereum fell below an ascending trendline that had been holding since the June 6 low. This structure supported each decline for three weeks of recovery. The line gave way over the last session, with the price now trading below it for the first time since the rebound began. The SAR at $1,771.50 is above price and remains bearish. The RSI at 40.98 fell from a high above 75 during the mid-June rally and is trending downward, confirming that momentum has changed. The RSI’s bullish divergence from the June 5 low led the entire rally, but such a sharp trendline breakout usually means buyers must reclaim the broken line quickly or risk a deeper fall toward the $1,675-$1,700 area.
Wall Street’s long-term goals
Dan Tapiro, who runs 10T Holdings and manages over $1.5 billion in digital assets, said on the When Shift Happens podcast that a 5x to 10x move is reasonable for Ethereum if the broader crypto market reaches its total projected value of $50 trillion. He noted that Ethereum at $2,000 already represents a massive gain from sub-$100 levels in 2019 and 2020. This perspective, he argued, is often lost in the current bear market sentiment.
Tom Dunleavy, a crypto venture capitalist and former Messari analyst now at Divers Capital, explained the math behind big bank forecasts from VanEck, Standard Chartered and Bernstein. These projections place Ethereum between $20,000 and $50,000. Using a framework in which $750-$1 trillion in on-chain net assets secure the network, he argued that these price targets become mathematically grounded rather than speculative. He pointed out that Ethereum is currently winning the first tokenization battle and could plausibly hold between $2 trillion and $5 trillion in network value within five years.
Tom Lee, co-founder of Fundstrat and former JPMorgan chief equity strategist, has put together the most detailed short-term case. He cited Ethereum’s record inverse correlation with oil prices, saying the end of the Iran war could send oil down to $40 and ease inflationary pressure by keeping rates high. He also pointed to the Clarity Act, a pro-crypto White House, and Fed Chairman Kevin Warsh’s stance as tailwinds. Using the Ethereum/Bitcoin ratio against his Bitcoin fair value target of $250,000, Lee arrived at an Ethereum price range of $12,000 to $22,000. He called Ethereum cheap at current levels, although he expects limited movement in the short term.
Derivatives Market Shows Balanced Sentiment
Volume jumped 31.80% to $37.32 billion, while open interest increased modestly by 0.45% to $23.98 billion. When volume increases faster than open interest like this, it usually means existing traders are actively repositioning rather than a wave of new money entering the market. The long/short ratio of 0.9944 sits at a neutral level, about as close to a coin toss as this metric gets. In 24 hours, $30.70 million in long positions were liquidated against $24.92 million in short positions. Both sides are down for similar amounts, indicating that traders are split on where Ethereum is headed next. No one leans enough in one direction to dominate the move, which usually means the market is waiting for a clear signal before committing.
