Ethereum could rise to $6,000, says crypto analyst Ali Martinez, citing historical price surges.
The altcoin king, Ethereum (ETH), appears to be on the verge of a significant upsurge, according to a recent analysis by Martinez. Using a weekly chart, Martinez highlights Ethereum’s price action, focusing on the asset’s movement within an ascending channel. A key takeaway from the analysis is the cryptocurrency’s tendency to bounce upward whenever it reaches the lower boundary of this channel.
Indicators of Potential Price Increase
The chart shared by Martinez demonstrates Ethereum’s recurring behavior of bouncing off the lower boundary of an ascending channel. Each of these bounces has led to notable price increases.
Historically, Ethereum has seen price surges of about 130% following each test of this boundary. For instance, around July 2023, Ethereum experienced a 130.77% price increase after hitting the lower boundary. Another significant move resulted in a 99.29% rise, while the most recent bounce led to a remarkable 168.88% increase, raising the price from around $1,500 to approximately $4,150 in March of this year.
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According to Martinez’s projection, Ethereum could potentially rise to $6,000 if this pattern holds. However, this is contingent upon the price maintaining its support level at $2,300. If Ethereum sustains this level, the expected price increase would add about $3,689 to its current value.
Break-Even Indicators Offer Insights
In parallel with this technical analysis, the market intelligence platform IntoTheBlock has provided further insight into Ethereum’s potential trajectory. Their break-even indicator, which tracks ETH purchases across all addresses, shows that approximately 5.84% of Ethereum addresses are set to break even if prices rise to around $3,000.
This data adds to the bullish sentiment surrounding Ethereum’s potential upward movement, indicating that more ETH holders could benefit if the price continues to climb.
Notably, at press time, the projected uptrend in Ethereum is already unfolding. The altcoin market leader trades at $2,635, boasting an 8.01% gain in the last 24 hours. A price surge to $6,000 from this level would net investors an additional profit of 127%.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/10/14/historical-pattern-signals-ethereum-set-to-pump-by-130-to-6000/?utm_source=rss&utm_medium=rss&utm_campaign=historical-pattern-signals-ethereum-set-to-pump-by-130-to-6000