Crypto analyst Javon Marks has revealed how Ethereum could recover and possibly surpass its current all-time high (ATH) of $4,900. This happened as it highlighted an uptrend that the altcoin still maintained despite the current situation. crypto market downtrend.
Ethereum Considers Rallying to ATH Amid Hidden Bullish Divergence Pattern
In a MessageJavon Mark noted that Ethereum maintains a broader hidden bullish divergence pattern. Based on this, he said that with a full response, ETH could rise by over 140% and even surpass its current all-time high of $4,900. Its attached chart shows that the altcoin could $5,000 rally by the middle of the year.
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His prediction comes as Ethereum continues to struggle below the psychological $2,000 level. Despite this, Marks assured that there is still a strong possibility of a larger bullish reversal in progress, as ETH has recently shown a positive response to Regular. Bullish Divergence Pattern. The analyst also predicted that the altcoin could still reach $8,500 amid broader macroeconomic picture.
Amid this bullish prediction for Ethereum, it is worth noting that the Wall Street giant Standard Chartered has lowered its year-end target for ETH from $7,000 to $4,000, indicating that it is also possible that the altcoin may not reach a new ATH this year. The bank also predicted that ETH could fall further as low as $1,300 before recovering.
Standard Chartered cited falling institutional demand as the main reason for lowering its Ethereum price target. Like Bitcoin ETFs, ETH ETFs continued to experience significant net outflows. Data from SoSo Value shows that these funds are currently on track to record their fourth consecutive month of net outflows.
How ETH Could Fall Further to $1,136
In a Messagecrypto analyst Trader Tardigrade has warned that a bearish pennant is forming, which could send Ethereum to as low as $1,136. The analyst noted that ETH was consolidating inside converging trendlines after the initial decline and that the trend suggests pursuit down.
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Trader Tardigrade further warned that a drop below the current range could trigger a sharp decline, sending ETH to the breakdown target of $1,136. However, the analyst seems to remain bullish on the altcoin in the long term. He had declared earlier that ETH was repeating a similar pattern to previous cycles in which a breakdown follows a consolidation before a recovery. This time he predicts that Ethereum could rally up to $7,000 once he begins to recover.
At the time of writing, the Ethereum price is trading at around $1,968, up over the past 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, graphic from Tradingview.com
