Crypto Analyst Javon Marks predicted that Ethereum (ETH) could benefit from a 75% breakout and rise to $4,723. The analyst also explained why this parabolic rally is possible for the second largest crypto by market capitalization.
Why a Rise to $4,723 Is Possible for Ethereum
Brands marked with an X (formerly Twitter) job that The price of Ethereum is poised to rise to $4,723 as bullish divergences continue to hold in a massive climb since the breakout. He added that the 75% move to that target and above can take place with the break and divergence holding.
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Based on the chart he shared, Marks also suggested that Ethereum’s price could reach $8,348. However, the analyst did not provide a timeline for when ETH will reach this price target. Altcoin Daily Crypto Analyst also recently predicted that Ethereum could surge past $8,000 as he set his maximum price target for ETH in this bull run at $8,800. Crypto analyst Poseidon also believes that the price of Ethereum may reach $8,000.
Meanwhile, crypto analyst DavidOnCrypto provided a timeline for when Ethereum could hit $8,000, declarant that this will happen in the next six months. He claimed that ETH’s move from its current price level to $8,000 would foreshadow the move that Bitcoin enjoyed when it went from $25,000 to $70,000.
Ethereum investors will undoubtedly be wary of such price targets, given the crypto token’s underperformance against Bitcoin year-to-date. However, crypto analysts like Roman have assured that the time will come for Ethereum where it will make that parabolic run in this market cycle.
The analyst explained that it was not unusual for Ethereum’s price to lag as Bitcoin hit new highs. He alluded to 2020, when ETH was down 80% from its all-time high (ATH) while the The flagship crypto has broken its ATH. Roman predicted that Ethereum would make its way by the end of the year, as that is when he believes liquidity will start to shift from Bitcoin to Ethereum and other altcoins.
Some positive points for ETH
Crypto Analyst Crypto Kaleo recently stated that he believes Bitcoin dominance has peaked. This is a positive for Ethereum’s price, as Crypto Kaleo noted that altcoins will start to gain traction starting with “king” ETH. He added that the real altcoin season begins when Bitcoin Domination falls below 50%.
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In the meantime, Grayscale Ethereum Trust (ETHE)which has recently contributed largely to the selling pressure on Ethereum, recorded its first day of zero flows since its conversion to an Ethereum Spot ETF.
This is definitely a positive for Ethereum, especially since Grayscale Bitcoin Trust (GBTC) recorded 78 consecutive days of cash outflows before recording its first day without a cash outflow. On the other hand, ETHE achieved this feat on its fourteenth trading day as Ethereum Spot ETF.
Featured image created with Dall.E, chart by Tradingview.com
