Ethereum Price: Analyst Predicts ETH To Note 13% Gain, Here's Why.
Despite the recent dip in Ethereum price, a prominent crypto market analyst Mags predicts a potential 13% rally based on historical patterns and current market sentiment.
The Ethereum price, the world's second-largest cryptocurrency by market cap, saw a steep decline today amid a widespread crypto market selloff. Meanwhile, this drop comes in the wake of stronger-than-expected U.S. job data, which has dampened investor sentiment over a hawkish stance by the Federal Reserve.
However, despite the downturn, some analysts are optimistic about Ethereum's potential for a significant rebound.
Analyst Predicts 13% Ethereum Price Rally.
Despite Ethereum's recent price dip, a prominent crypto market analyst, known as Mags (@thescalpingpro) on the X platform, anticipates a strong recovery. In a recent X post, Mags compared the current Ethereum price trend to historical patterns, suggesting that the cryptocurrency could experience a significant rally soon. According to Mags, Ethereum is "forming a similar structure” to a previous cycle, after which the crypto has soared 13%.
Notably, Mags' analysis indicates that Ethereum might reach up to $4,200 if the predicted trend holds true. Currently, Ethereum is trading near $3,700, and this potential rally would represent a 13% increase. This optimistic forecast is based on Ethereum's historical performance, where similar patterns have led to substantial gains.
Meanwhile, supporting this outlook, Mags shared a price chart showing Ethereum's current structure, highlighting similarities to past cycles. The comparison suggests that the recent decline might be a precursor to a strong upward movement, akin to previous instances where Ethereum rallied significantly after a similar setup.
While Mags presents a bullish outlook,
not all experts share the same
optimism. A recent report from 10X
Research has introduced a more
cautious perspective. According to
their analysis, Ethereum has broken a critical support level of $3,725.
