Cryptocurrency Analyst Predicts Ethereum Could Surge By 60% to $3,500
A popular analyst has suggested that Ethereum could soon surge by nearly 60% to reach $3,500 once it breaks out a key accumulation zone. The area between $1,900 and $2,150 may be the ideal zone for accumulation before Ethereum moves up toward the $3,500 mark.
Ethereum is Retesting its Breakout Zone
Ethereum is currently retesting its breakout zone from an ascending triangle, and can hint at preparation for a further climb. The triangle pattern consists of a horizontal line that connects the high points of the price and a rising line that connects the low points of the price.
Technical Analysis to Predict Price Movements
An ascending triangle is a type of chart pattern used by technical analysts to predict price movements. It’s worth noting that ascending triangles are usually seen as continuation patterns, indicating that the price will continue in the same direction as the trend before the triangle was formed.
Renowned Market Trader’s Prediction
Earlier this month Peter Brandt, a renowned trader known for his generally pessimistic views on Ethereum, predicted that the cryptocurrency’s price could plummet to as low as $650 based on a rising wedge pattern.
SEC Postpones Decision on Ethereum ETFs
Shortly after the SEC postponed its decision on several Ethereum exchange-traded funds (ETFs), with the final deadline being May 2024, Peter Brandt made his prediction.
Hot Take
The prediction that Ethereum could soon surge to $3,500 is gaining traction, but there are others that believe it could plummet to as low as $650. It’s essential to stay on top of the latest news and developments to make informed investment decisions regarding Ethereum.
By
By
By
By
By
By