Ethereum (ETH) is currently undergoing a crucial phase, retesting its previous resistance level, which is now acting as support. This development is widely considered a bullish retest, and if this support holds, it could pave the way for ETH to achieve significantly higher price targets. The cryptocurrency garners considerable attention from several market watchers, who are optimistic about its future performance.
At the time of writing, Ethereum is priced at $3,716.26, with a 24-hour trading volume of $18.69 billion and a market capitalization of $446.46 billion. Despite a minor 1.77% dip in the last 24 hours, the overall sentiment remains overwhelmingly bullish.
Analyst Set Short-term $4,800 Target For Ethereum
JAVON MARKS, a well-respected crypto analyst, recently shared his bullish outlook on Ethereum’s price action. The analyst highlighted a recent bull-flag-like breakout in ETH, which has been confirmed and is holding strong. According to the analyst, this bullish pattern and other positive breakout signals set the stage for a return to the $4,811.90 level.
The analyst emphasizes that this level is not merely a possibility but an eventual certainty. He predicts that a move of roughly 24% to reach this target is imminent, with the current breakout pattern hinting at Ethereum potentially surpassing $5,000 shortly.
Adding to the bullish sentiment, another prominent crypto analyst, Alex Clay, echoed similar optimism regarding Ethereum’s price action. Analyzing Ethereum on a monthly timeframe, Clay pointed out that ETH has broken through the mid-resistance zone and established a firm footing above it.
The analyst believes that breaking out of the major supply zone is only a matter of time. Clay views the current price levels as the last opportunity to buy Ethereum before it experiences a significant upward surge. Clay has set ambitious price targets. In the short term, he aims for a price of $4,450. His long-term target is $6,975, and Clay envisions Ethereum reaching a price of $9,500 for the extended long-term.
These predictions from respected analysts underscore a growing consensus that Ethereum is poised for substantial gains. The combination of bullish technical patterns, strong support levels, and optimistic market sentiment suggests that Ethereum could be on the verge of a major rally.
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