As Ethereum begins to show positive price action once again, the altcoin is seeing a wave of bullish predictions from multiple crypto experts about its trajectory in the short term, suggesting a potential rally in the upcoming weeks.
A 63% Rally For Ethereum Could Be On The Horizon
In an optimistic post, market expert and enthusiast, Javon Marks has expressed his confidence about a possible bullish breakout, pointing to a robust upside momentum in the near term. The expert points to several market indications and technical setups that show promising signals, with ETH overcoming recent resistance levels that could set the stage for a price spike.
According to the expert, Ethereum seems to be getting close to another significant breakout point, and a bullish break is likely to take place due to a prior bull pattern confirmation and breakout, implying a similar price movement for the altcoin to past positive trends.
As a result, Javon Marks believes that this key breakout will trigger a price growth to the $4,080 level, which is more than 63% away from its current value movement. In addition, the analyst claims that development might turn out to be the start of a much bigger upside in the upcoming weeks.
Javon Marks’ anticipated breakout coincides with the growing sentiment and optimism toward the altcoin, signifying possible renewed momentum. Mark’s prediction also aligns with Ash Crypto, another market analyst and trader, who has forecasted that ETH could hit a new all-time high in 2025.
After examining Ethereum’s recent price action, Ash Crypto noted that the altcoin has reached its major trendline support capable of igniting a notable price surge. This is due to the fact that the digital asset witnessed a hard pump the last 3 times it retested the major trendline.
The first time ETH retested the trendline in 2022, it surged by over 123% in the period of 3 months, the second time caused about 107% increase in 7 months, and the last, which was in 2023 triggered an over 158% upswing in about 6 months. Thus should the digital asset replicate this move, Ash Crypto is confident that it could witness a 100% rally from its present value to a new all-time high in 2025.
ETH Preparing For A Rebound?
Following a few days of downside movement, ETH investors are beginning to show their presence in the market, pushing the altcoin toward a possible rebound. Ethereum is presently trading at $2,460, demonstrating a brief upward movement of about 0.60% daily increase, slowly approaching the $2,500 price level.
Given the heightened interest in ETH, the asset could continue to print more gains as bulls have formed strong support at the $2,450 mark. Data from CoinMarkCap reveals that the trading volume of ETH has surged by more than 20% in the past day.
Featured image from Unsplash, chart from Tradingview.com
Source: https://bitcoinist.com/ethereum-set-for-a-bullish-breakout/