Ethereum Prepares for a 50% Rally that Will See ETH Hit a New All-Time High of $6,300
Ethereum, the second largest cryptocurrency in the world, rose in value by 408% in 2021. While that makes it one of the best-performing assets of the year, many investors had higher hopes for the crypto, which only declined at the tail-end of the year.
With the start of a new year, many investors have high hopes for the performance of Ether. Ether now appears to be in a bullish zone going by the daily price chart, having gained by 2.4%.
The 24 hour price chart for Ethereum. Source: Tradingview
Ethereum Could Rally to $6,300
After days of fluctuating between the two oversold levels of 50 and 40 on the RSI, Ether fell below the $3,600 level on December 30th.
Using that as an essential support zone, Ether has now bounced back, and surged to break past $3,800, which has proven to be one of the most critical support zones for the assets.
If Ethereum continues its upward momentum and breaks above the triple top, based on point-figure analysis, it could solidly plant Ethereum back to a bullish market across all time frames.
Breaking above the $4,300 level will create an entry, whilst the stop will be located down at $3,900. Breaking above the triple top will create an entry at $4,300, with a potential price target of as high as $6,300, which would mark a 60% rally from its current price of $3,832 as of this writing.
Price prediction chart according to @FXScrypto
On the Flipside
- Over a longer period, a much bigger price breakout for Ethereum is further predicted ahead of its PoS network transition.
Why You Should Care
The above should be considered expert opinion based on the market structure of Ethereum, and not construed as trade or financial advice.
Text source: DailyCoin.com
