Can Ethereum Touch $4,000? Crypto Analyst Says ETH Rally Far From Over
Like Bitcoin, Ethereum has also picked up steam, with the second-largest crypto token crossing the $3,000 resistance level for the first time since 2021. Interestingly, this crypto analyst believes the rally is far from over, as he highlighted a key price level that ETH could hit soon enough.
Ethereum Could Rise To As High As $4,000
Crypto analyst Altcoin Sherpa suggested in an X (formerly Twitter) post that Ethereum could rise to as high as $4,000. His prediction looks feasible when one considers crypto analyst Bitcoin Apes recent analysis of Ethereum from a technical analysis perspective.
In his X post, Bitcoin Ape noted that the ADX (average directional index) indicator is currently very high, signalling that ETHs bullish trend is strong. Indeed, this bullish momentum might be very strong as the crypto token has since crossed the $3,130 price level, which Bitcoin Ape highlighted in his post as ETHs new resistance level.
Interestingly, the analyst noted that Ethereum had already faced four resistance levels in February alone and has so far broken all of them, having also crossed the $3,130 mark. Although Bitcoin Ape failed to give his short-term prediction for ETH, he expects the crypto token to hit its all-time high (ATH) of $4,891 when the bull run returns in full force.
Meanwhile, Altcoin Sherpa isnt the only one who believes that ETH could rise to $4,000 soon enough. Standard Chartered Bank had also predicted that the crypto token would hit this price level by the time the Spot Ethereum ETF is approved in May.
Crypto analyst Rager also recently gave a bullish prediction for ETHs price, although he put his short-term target at $3,500. However, he added that this price level is only the beginning, stating that it isnt the peak high by any means.
Ethereums Rally Not Hinged On Bitcoins Success
There is reason to believe Ethereums current bullish momentum isnt due to Bitcoins price surge, as the Ethereum ecosystem also has narratives that may be driving ETHs rally. For one, the Ethereum networks Dencun upgrade is set to take place on March 13. This much-anticipated event is significant as it would usher in advancements in the scalability, security, and usability of the Ethereum network.
Meanwhile, talks about a Spot Ethereum ETF likely being approved in May have created a lot of excitement for investors who have chosen to double down on their investments in the second-largest crypto token in anticipation of this happening.
The increased interest in ETH is expected to spark significant rallies in its price ahead of the May deadline, when the SEC will have to approve or deny VanEcks Spot Ethereum ETF application.
Read more: https://www.newsbtc.com/news/ethereum/ethereum-4000-crypto-analyst/
Text source: NewsBTC
