Ethereum continues to struggle to overcome the resistance that rose above $3,000, with the bears holding tight on the price. Nonetheless, the bullish sentiment surrounding Ethereum price has not been completely eroded. This suggests that investors still expect the price to recover from the current decline. Cryptocurrency analyst Master Ananda shares a more optimistic view of cryptocurrency, predicting that 5-digits remain in the future.
Ethereum price will surpass $10,000
In the analysis, Master Ananda explains that the story of Ethereum is far from over. The crypto analyst highlighted the appearance of trend-based Fibonacci extension numbers on the Ethereum price chart. These suggest that Ethereum price is preparing for another major rally.
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Following this trend, the analyst estimates that the price of the digital asset will reach 5 figures. However, even though $10,000 seems more elusive by the day, Master Ananda says it doesn’t look like the all-time high goal for Ethereum. Instead, $10,000 is only a “mid-end” target, meaning he expects the price to rise higher.
Contrary to the expected target of $10,000 that Ethereum is expected to reach, the crypto analyst sees the price rising up to $20,000 at present. Such a rally would cause the price of Ethereum to increase by more than 900% and likely trigger an altcoin season, as has been the case in the past.
Looking at the chart, there are major resistance levels where the bears could put up a fight. The first is around $4,900, where the current all-time high is. Next, the resistance at $10,690 comes further. This is a natural resistance as $10,000 should be a major psychological level.
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At the end of this massive rally is the emerging resistance that could send Ethereum price down to $20,000. This is expected to be the peak before the cryptocurrency returns to another bear market.
As for how soon this could happen, the crypto analyst explains that investors won’t have to wait long for it to happen. “We don’t need to wait four years for this event to happen. It all starts now…Ethereum is heading towards a $20,000 target,” the post read.
Featured image of Dall.E, chart by TradingView.com
