Despite multiple price drops recorded in recent weeks, a crypto market expert believes that Ethereum (ETH) could still achieve its biggest comeback in history. The analyst predicts a massive price rally up to $3,300, and expects this to happen in just a few weeks. He attributed the bullish forecast to a recent change in market dynamics, with buyers now returning after a long period of selling pressure and volatility.
Ethereum expected to almost double its value soon
A pseudonymous TradingView crypto analyst known as Mrlaimfx09 has common a compelling and strongly bullish outlook for the price of Ethereum. At the top of his report, the expert boldly predicted that ETH was preparing for its biggest turnaround yet.
Sharing a price chart, Mrlaimfx09 showed that Ethereum was trading around $2,071 at the time of analysis. The analyst noted that price action held firmly within a key weekly demand zone following a strong market sell-off that kept the ETH price stuck in prolonged downtrend.
As the selling pressure appears to fade, the analyst said that buyers are finally returning to the marketthus helping to prevent prices from falling even further. He noted that this sudden change in dynamics suggests a bullish reversal could form for ETH, especially if its price continues to defend the critical support zone around $2,000.
Notably, Mrlaimfx09 predicted that if Ethereum can maintain its strength above $2,000, it could eventually organize a successful recovery around $3,000. Ahead of this move, the analyst predicts a strong recovery towards the first liquidity target around $2,400. From here, he expects the momentum to extend ETH’s uptrend. return towards the psychological level of $3,000, before potentially pushing higher towards the upper target of around $3,300. The analyst explained that each bullish level represents a key liquidation zone where the price could react during a recovery phase.
More interestingly, Mrlaimfx09 predicts that all of these bullish moves could happen in the coming weeks. He highlighted that Ethereum’s momentum is gradually shifting towards a more bullish outlook as its market structure stabilizes. The analyst also expects its projected reversal for Ethereum to form on a high time frame (HTF).
A possible invalidation and a fall below $2,000
On the more bearish side, Mrlaimfx09 acknowledged the possibility of Ethereum completely invalidating its bullish structure and crash down. He noted that if the ETH price closes the week below the demand zone around $2,071, then the market should expect a major breakdown.
The analyst’s chart clearly shows this bearish scenario, plotting a potential move towards the downside price target around $1,734. Notably, a drop to this level could represent a loss of more than 17% from current levels. weaken Ethereum market structure Effects. At the time of writing, the ETH price is hovering around $2,090, reflecting consistent volatility over the past few weeks and over 2% over the past seven days.
Featured image from Pixabay, chart from Tradingview.com
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