Despite Ethereum (ETH) experiencing lackluster price performance recently, prominent crypto analysts foresee a potential parabolic rise on the horizon. According to a recent analysis, Ethereum might be gearing up for a significant surge.
Key Level To Watch For A Rally To $8,100?
Renowned crypto analyst Javon Marks has outlined a bullish scenario for Ethereum in a recent post on X. Marks suggests that Ethereum could replicate a previous pattern from 2023, which resulted in a substantial surge of over 160%. He states, “ETH looks to have replicated a pattern from 2023 that led into an over +165% climb, and it’s looking to be ‘GO TIME’ again.”
Marks has identified a target price of $4,723.5, indicating that a breakthrough above this level could set the stage for Ethereum to soar above $8,100. This projection implies a potential near doubling of Ethereum’s current price, should this trend come to fruition.
Javon Marks shared his insights on X, saying, “$ETH (Ethereum) looks to have replicated a pattern from 2023 that led into an over +165% climb and it’s looking to be ‘GO TIME’ again! 2023 looks to have been the blueprint for another massive upside that can be soon transpiring in this crypto market. Target is at $4,723.5…”
However, despite this optimistic outlook, Ethereum has shown bearish tendencies in recent market performance. Over the past 24 hours alone, ETH has declined by 4.5%, causing its price to dip below the $2,400 mark—a level it briefly exceeded over the weekend.
Ethereum Price: On The Flip Side
While Javon Marks paints a bullish picture for Ethereum, other market analysts highlight the critical support zones Ethereum must maintain to avoid further declines. Ali, another well-known crypto analyst, points out a crucial support range between $2,290 and $2,360. This range is significant as it holds approximately 1.90 million addresses with around 52.30 million ETH.
Ali warns that if Ethereum fails to hold this support, a sell-off could occur, potentially driving the price down to the $1,800 level. A breach below this support range would not only trigger significant liquidations but also invalidate bullish predictions, leading to a further downtrend and marking a substantial shift in market sentiment.
Ali shared his analysis on X, stating, “Key support for #Ethereum lies between $2,290 and $2,360, where 1.90 million addresses hold ~52.30 million $ETH. If this demand zone breaks, we could see a sell-off driving #ETH toward $1,800.”
In conclusion, while Ethereum has the potential for a significant price surge, it also faces critical support levels that need to be maintained to avoid a downtrend. Investors should closely monitor these key levels and market trends to make informed decisions.
