Regardless of the Ethereum (ETH) price’s 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 it’s 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 Ethereum’s current price if this trend materializes.
Despite this optimistic forecast, Ethereum’s 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 mark—a 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.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
