Altcoin
Ethereum on the verge of breakout: analysts expect a 3-4x increase
The Ethereum (ETH) market is full of optimism. Famous cryptocurrency analyst Master Kenobi has expected a significant rally for Ethereum (ETH), suggesting that the digital asset could see substantial gains. Ethereum is currently hovering at $3800, reflecting a notable upward trend following recent corrections and periods of consolidation. This recovery phase suggests a potential continuation of Ethereum’s long-term bullish trend.
Master Kenobi’s analysis provides a historical overview of Ethereum’s price movements, tracking its performance from early 2016 to today. His analysis highlights several key aspects of Ethereum’s price behavior, each representing significant bull runs followed by corrections and consolidation phases.
The Kenobi chart features two main trend lines: an ascending white dotted line indicating a long-term ascending trajectory and a red dotted line indicating upper resistance levels. These technical indicators project Ethereum’s potential future price range, with targets around $10,662.90 and $15,498.60, suggesting a possible 3-4x increase from current levels. Kenobi further suggests that such a rally in Ethereum could lead to substantial gains in the entire altcoin market.
Ethereum’s bullish momentum signals a price surge
Crypto analyst Washigorira did this too expected a significant increase in the price of Ethereum, suggesting it could reach between $10,000 and $12,000. Washigorira notes that Ethereum is on the verge of a major breakout, showing signs of a solid bullish structure since early 2023. Ethereum recently broke above a critical resistance level, which analysts are calling the first breakout. After the consolidation, Ethereum recorded a second breakout, indicating strong upside momentum.
Washigorira also highlights the moving average convergence and divergence (MACD) crossover as a bullish signal that typically precedes significant price increases. A similar crossover in late 2020 led to a major rally. Furthermore, a trendline dating back to 2017 implies that Ethereum could reach $10,000 to $12,000 if its current uptrend continues.
The combined insights of Master Kenobi and Washigorira paint an optimistic picture of Ethereum’s future. They concluded that historical cycles, technical indicators, and expected price targets all point to Ethereum’s potential bullish phase. The possibility of a 3-4 times price increase and the overall influences on the altcoin market demonstrate that Ethereum’s progress in the coming period could be crucial for the cryptocurrency market in 2024.
Related Readings | Chiliz (CHZ) shows a strong uptrend with analysts setting targets at $0.26 and $0.43