Ethereum’s recent rebound
The king of altcoins, Ethereum (ETH), has recently shown strong market momentum. According to CoinGecko data, Ethereum ($ETH) has risen 14% in the past seven days, successfully breaking through the $3,500 resistance level and touching above $3,600.
Image source: CoinGecko Ethereum price chart
At the time of writing, Ethereum is trading at $3,589, up more than 1% in the past 24 hours.
Ethereum's strong rebound in the past two days has allowed many altcoin investors to regain confidence. Ali Martinez, a well-known on-chain analyst, believes that this wave of gains may indicate that the so-called "altcoin season" has quietly begun. If Ethereum If Fang can stabilize on this basis, it is expected to challenge the price range of $6,000 in the short term.
Rainbow Diagram Interpretation: The Potential Value of Ethereum
When it comes to future price predictions, the Ethereum Rainbow Chart has become the focus of many investors. This tool mainly uses "logarithmic scale" to visually present the historical price data of Ethereum, and according to different prices Intervals are color-coded.
As of now, the rainbow chart shows that Ethereum is in the "stable" area, with the price range falling between $2,854 and $4,123. This area indicates that Ethereum is currently in a relatively healthy price area without obvious overheating or coldness. However, if it can Breaking through this area, Ethereum may be able to enter a higher "HODL" or "reversal" range.
Image source: coinblock Ethereum rainbow picture
According to the rainbow chart, Ethereum’s “maximum bubble area” falls between $12,783.90 and $18,254.39. This area represents the price level that Ethereum may reach if market sentiment is too high and there is extreme FOMO.
In addition, the "reversal" range falls between US$6,121.27 and US$8,925.12, which represents a reasonable range for Ethereum price to break through in the bull market; while the "HODL" range falls between US$4,207.87 and US$6,121.32, which represents that Ethereum is in a healthy state in the market. Lower prices for stable growth.
It should be noted that below the "stable" area, there are also "increased positions" and "undervalued" areas. If the market faces serious adjustments again, the "increased positions" and "undervalued" areas are respectively US$1,441.41 to US$2,037.75, and 1,037.07 USD to $1,441.51 will.
What is certain is that Ethereum’s recent strong rise has declared that the bull market potential of the king of altcoins still exists, and in the coming months, whether Ethereum ($ETH) can break through the “stable” area near $4,000, And successfully entering the "reversal" zone will become an important indicator of whether you can challenge higher goals.
[Disclaimer] There are risks in the market, so investment needs to be cautious. Analyst opinions are for reference only. Users should refer to more diverse indicators to judge whether to invest, and consider whether any opinions, views or conclusions in this article are consistent with their specific circumstances. Invest accordingly and do so at your own risk.
“Is Ethereum expected to challenge 18,000 by the end of the year? Analyst shows rainbow chart: The most reasonable price is at this point. This article was first published in "Crypto City"
