Despite the unattractive performance of Ethereum (ETH) price, the latest analysis from the industry’s top crypto analysts predicts that the asset could be on the verge of a parabolic rise.
In a recent job Posting on X, popular crypto analyst Javon Marks presented a bullish scenario for Ethereum, suggesting a potential price rally similar to a pattern seen in 2023.
Key level to watch for a rally towards $8,100?
According to Marks, Ethereum is about to replicate a previous pattern that led to a surge of over 160%. In the post on X, he states: “ETH appears to have replicated a 2023 pattern that led to a surge of over +165%, and it looks like it’s time to go for it again.”
Marks set a price target of $4,723.5, adding that a break above that price could pave the way for Ethereum to potentially reach above $8,100. This projection suggests a near doubling of Ethereum’s current price if this trend plays out.
$ETH (Ethereum) seems to have replicated a 2023 pattern that led to a surge of over +165% and it seems like this is “GO TIME”
” Again!
2023 seems to have been the template for another massive surge that could soon occur in this cryptocurrency market.
The target is $4,723.5… pic.twitter.com/a1ePw6wpF3
—JAVON
” Again!
BRANDS (@JavonTM1) Despite these optimistic forecasts, Ethereum’s recent market performance has shown bearish trends. In the last 24 hours alone, ETH has fallen by 4.5%, causing its price to fall below $2,400, a level it briefly surpassed over the weekend.
Ethereum Price: The Other Side of the Coin
While Javon Marks’ analysis points to a bullish future for Ethereum, other market analysts have highlighted critical support areas that Ethereum must hold to avoid further decline.
Ali, another renowned crypto analyst, highlighted a crucial support zone between $2,290 and $2,360. This zone, according to Ali, is important because this is where about 1.90 million addresses hold around 52.30 million ETH.
Ali warns that if Ethereum fails to hold this support, a massive sell-off could ensue, potentially pushing the price towards the $1,800 level.
It is worth noting that a break below this range would be very detrimental to the ETH market as it would not only trigger a significant number of liquidations but also invalidate the bullish forecast and lead to a further downtrend, marking a substantial change in market sentiment.
Key support for #Ethereum is between $2,290 and $2,360, where 1.90 million addresses hold approximately $52.30 million $ETH. If this demand zone breaks, we could see a massive sell-off leading to #ETH around $1,800. pic.twitter.com/ubP9ZZd8H0
— Ali (@ali_charts) September 15, 2024
Featured image created by DALL-E, chart by Tradingview
