Ethereum‘s renewed price momentum appears to be slowing down as bears have taken control of the market once again. Despite the waning price strength, several crypto analysts are still bullish about the crypto asset’s trajectory, predicting that ETH could be set to rally in the short term.
Ethereum Primed For Explosive Growth
The price of Ethereum may be gearing up for its next explosive growth, with market expert and trader Javon Marks projecting an impending price surge for ETH of about 75%. This demonstrates his strong confidence in the potential of the crypto asset in spite of rising market turbulence.
Javon Marks points to key technical indicators and patterns that show that the altcoin is gathering strength, setting it up for a substantial upswing in the coming weeks. As the crypto asset continues to see positive sentiment in the market, Ethereum might hit new heights during this expected surge.
After navigating ETH’s current price performance, Javon Marks believes a big move is on the horizon following a breakout from the Relative Strength Index (RSI) and multiple verified Hidden Bull Divergence patterns. According to the expert, this breakout could trigger a continuous move toward the $4,811.6 price level, which is only a few inches away from its all-time high of $4,878.
The expert highlighted that since the breakout from the RSI, prices have increased by almost 120%, suggesting that a run is already in effect. As a result, Javon Marks anticipates an additional 75% move for Ethereum in order to reach the $4,811 price level, which is further confirmed by these confirmations and breakouts.
Marks’ prediction is part of a broader view that Bitcoin, the largest cryptocurrency asset, could determine ETH’s next move. “It may be near evident of what’s next for ETH, which can be a fulfillment to $4,811+, following the leader, and for that to be done, it can take Bitcoin climbing even more,” he stated.
At the time of the post, he noted that if ETH’s following fulfillment to $4,811.6 is validated, BTC may rise even further and break above $67,559, which will ultimately pave the way for BTC to rise to more than $116,000. In addition, this move will allow Bitcoin to lead the general crypto market into heightened bullish stages.
A $6,000 ETH Possible In This Cycle?
ETH is currently seeing a wave of bullish predictions. Another crypto expert and trader, Ali Martinez, laid out a potential scenario for the altcoin to reach a new all-time high of $6,000, triggering optimism in the community.
This forecast is bolstered by Ethereum’s resiliency at the $2,400 support level. According to Martinez, since it surpassed the $2,400 mark, the altcoin has strongly maintained the support range and may now be aiming for the upper boundary of the channel at roughly $6,000.
Featured image from Unsplash, chart from Tradingview.com
Source: https://bitcoinist.com/expert-points-to-75-price-surge-ahead-for-ethereum/