🚀📈 Ethereum Price Primed for $4,000, Analyst Predicts "Bottom is In"
🚀 Ethereum Poised for $4,000 Rally as Bitcoin Leads Uptober Sentiment
The crypto market is regaining its momentum, with Bitcoin aiming for $70,000 and Ethereum following suit. Analysts predict Ethereum could surge toward $4,000 after recent signs of bottoming out. However, ETH has dipped 2.73% to $2,667 today, with a market cap of $322.2 billion and a 72% surge in trading volume, suggesting a possible correction.
📊 Analyst Predicts Ethereum Bottom and Major Rally
Crypto analyst McKenna sees a bullish breakout for Ethereum from a symmetrical triangle pattern, signaling that ETH is primed for a rally. If Ethereum reclaims $2,850, it could spark a major upward trend, possibly pushing the price above $3,600. The analyst also believes political factors, like a Trump win, could accelerate market gains.
⚠️ MVRV Spike Signals Potential Near-Term Sell-Off
Santiment data shows Ethereum’s 30-day MVRV ratio has spiked, indicating short-term buyers are holding unrealized gains, raising the risk of a sell-off. If Ethereum falls below key support at $2,650, bears could push the price down to $2,400. Holding this support is crucial for maintaining bullish momentum.
