Is Ethereum Primed For Surge? Analyst Reveals Key Levels to Watch For A $8,100 Rally
Regardless of the Ethereum (ETH) prices unappealing performance, the latest analysis from top crypto analysts in the space predicts that the asset might be on the verge of a parabolic rise.
In a recent post uploaded on X, renowned crypto analyst Javon Marks has laid out an optimistic scenario for Ethereum, suggesting a potential price surge similar to a pattern witnessed in 2023.
Key Level To Watch For A Rally To $8,100?
According to Marks, Ethereum is poised to replicate a previous pattern that led to a more than 160% surge. In the post on X, he states, ETH looks to have replicated a pattern from 2023 that led into an over +165% climb, and its looking to be GO TIME again.
Marks has set a target price of $4,723.5, adding that a break above this price mark could bring in the possibility of Ethereum reaching above $8,100. This projection suggests a near doubling of Ethereums current price if this trend materializes.
$ETH (Ethereum) looks to have replicated a pattern from 2023 that led into an over +165% climb and its looking to be GO TIME again!
2023 looks to have been the blueprint for another massive upside that can be soon transpiring in this crypto market.
Target is at $4,723.5 pic.twitter.com/a1ePw6wpF3
JAVONMARKS (@JavonTM1) September 15, 2024
Despite this optimistic forecast, Ethereums recent market performance has shown bearish tendencies. In the past 24 hours alone, ETH has declined by 4.5%, causing its price to fall below the $2,400 marka level it briefly traded above over the weekend.
Ethereum Price: On The Flip Side
While Javon Marks analysis points towards a bullish future for Ethereum, other market analysts have outlined the critical support zones that Ethereum must hold to prevent further decline.
Ali, another well-known crypto analyst, has highlighted a crucial support range between $2,290 and $2,360. This zone, according to Ali, is significant as it is where roughly 1.90 million addresses hold around 52.30 million ETH.
Ali warns that if Ethereum fails to maintain this support, a sell-off could ensue, potentially driving the price toward the $1,800 level.
Notably, a breach below this range would be quite detrimental to the ETH market as it would not only trigger a significant amount of liquidations but also invalidate the bullish predictions and lead to a further downtrend, marking a substantial shift in the market sentiment.
Key support for #Ethereum lies between $2,290 and $2,360, where 1.90 million addresses hold ~52.30 million $ETH. If this demand zone breaks, we could see a sell-off driving #ETH toward $1,800. pic.twitter.com/ubP9ZZd8H0
Ali (@ali_charts) September 15, 2024
Featured image created DALL-E, Chart from Tradingview
Source: NewsBTC.com
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