Discussions about The Next Major Ethereum Price Rally have emerged significantly within the crypto community following its recent bullish strength in recent days. With the bullish momentum gaining traction, there is speculation that ETH could soon recover. However, a recent development suggests otherwise.
Major rally planned for Ethereum may require more patience
Ethereum’s next big rally is widely believed to be imminent, as evidenced by several bullish predictions. Nevertheless, Ali Martinez, market expert and investor, predicts that the notable and highly anticipated move could take longer than the general market expects.
The expert highlights a key trend in market sentiment that implies ETH may need more time to build the momentum for its next price breakout. This prediction may also indicate that the altcoin could experience a period of consolidation before any substantial upward movement.
During the last two bull cycles, in which long-term holders indulged in greed, Ali Martinez pointed out that Ethereum climbed very high. At the same time, the indicator shows that the mood of long-term holders is still in the early stages of confidence.
Comparing the development of the current cycle with past cycles, the expert is convinced that the next big move in the altcoin could still be ahead. Martinez’s predictions serve as a warning to traders and investors as ETH goes through the current volatile phase.
As optimism around ETH begins to grow, Venturefounder, a crypto analyst, has underlines the digital asset’s path to a new all-time high. His predictions fit into a broader sentiment that ETH could be preparing for a a significant upward trend.
After going through Ethereum’s price action on the 3-week chart, Venturefounder believes that the altcoin will reach $4,900. Furthermore, the expert attributes his prediction only to a burst of imminent graphic training, particularly the Cup and Handle model.
The chart shows that ETH eventually reached a weekly close of $3,800 as support. Although it took weeks for the asset to reach this level, Venturefounder says it was a solid decision.
With ETH closing the week at $3,800 and the Cup and Handle pattern forming, the $4,900 level could be the next price target. After this milestone, Venturefounder expects other higher levels, such as $5,349, $6,457, and $7,238, by the end of Q1 2025.
Is ETH Outlook Turning Bearish?
Over the past week, ETH posted strong price performance, hitting $4,089 on Monday. However, its bullish momentum appears to be slowing down, leading to a decline towards the $3,800 level.
This sudden drop has triggered a potentially negative outlook for ETH in the short term, with investors gradually becoming pessimistic. After the price fell by almost 4% over the past day, its market capitalization and trading volume also fell by 3% and 13% over the same period.
Featured image from Unsplash, chart from Tradingview.com
