Crypto analyst Crypto Patel revealed an Ethereum accumulation roadmap indicating that the altcoin could reach $20,000. This comes as ETH continues to struggle around the mid $2,000 level the US-Iranian warwhich has been going on for almost a month now.
Analyst Reveals Ethereum Accumulation Roadmap With $20,000 Price Target
In a MessageCrypto Patel revealed Ethereum’s accumulation roadmap, in which he described the $1,800 to $1,400 range as the best accumulation area. It highlighted $4,700 as a major resistance and breakout level. Meanwhile, the targets for ETH are $10,000, $15,000, and $20,000.
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Its attached chart shows that Ethereum could reach these price targets by 2030, a period that could mark the peak of the next bull market. Crypto Patel noted that these are important goals that are only realized after solid structure and time. As such, the analyst called for patience among market participants.
Meanwhile, Ethereum continues to struggle alongside broader crypto marketthe war between the United States and Iran putting pressure on risky assets. Crypto analyst Maartunn noted that ETH is facing its first key resistance at the realized price of $2,306. He noted that the price was rejected at this level just a few days ago, confirming that this is a critical short-term hurdle.
This suggests that Ethereum is at risk of falling below the psychological $2,000 level again, especially with tensions still high between the United States and Iran. Iran rejected the US ceasefire proposal and outlined five conditions the US must meet before it can end the war.
The current setup for ETH
In another MessageCrypto Patel noted that Ethereum suffered a clear counterfeit between $2,230 and $2,400, indicating a liquidity hoarding and short-term supply rejection. The analyst further noted that several Breakdown of Structure (BOS) confirmations show that the bears are still in control from the $4,957 high.
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The crypto analyst also analyzed the current technical structure, noting that several bearish BOS indicate that the downtrend is still intact. However, there is a fair value difference between $2,474 and $2,634, which indicates a key imbalance this remains to be filled. It is also possible that ETH could fall further to the $1,840 support zone, which Crypto Patel believes is a potential demand reaction zone.
A daily close below this support zone could invalidate the case for a bullish reversal and open a further decline towards the $1,300 accumulation zone. Crypto Patel said that patience is the key and there will be no confirmation for a long time until Ethereum reclaims $2,500 forcefully. Until then, ETH remains range-bound to the downside, with the possibility of another liquidity sweep.
At the time of writing, Ethereum price is trading at around $2,140, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
