Titan of crypto, a well-known cryptocurrency trader and expert, in a bold prediction that has caught the attention of the crypto community, x.com/Washigorira/status/1793205597518647587″ target=”_blank” rel=”nofollow”>forecast an imminent significant rally for ethereum (eth) to unprecedented heights, while placing its next price target for the crypto asset at the pivotal $5,300 level.
The analyst's forecast indicates that ethereal, Driven by favorable market circumstances and rising investor confidence, it is poised for massive gains. This forecast comes following eth's recent strong price performance and growing market optimism.
ethereum's path to a massive rally
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Due to this, the expert pointed out several objectives to be achieved by the asset in the short term, such as $2,410, $2,881, $3,353 and $4,024, indicating a rebound of 38.20%, 50.00%, 61.80% and 78 .60% respectively, compared to the current one. price then.
Earlier this month, Titan of crypto noted that the bullish crypto pattern had successfully developed and the aforementioned price targets had been met, suggesting that a substantial rally is on the horizon.
At that time, the cryptography expert stressed that eth was at the 38.2% Fibonacci retracement level, which he also called the first stop ($2,880). If the coin manages to maintain this level, Titan of crypto anticipates a bullish move from the level.
However, today, as the expert predicted, ethereum made a flawless recovery from the point of the first stop ($2,880). As a result, the crypto asset is currently forming a bullish flag pattern on the weekly period, citing $5,300 as the next price target to reach for eth.
However, this is not the final destination, suggesting the possibility of ethereum rising even further in the coming months. Since eth shows strong price performance, it could mean that the Altcoin season could come into play in the near future.
Indicator suggesting a downward price correction
Although Titan of crypto anticipates a massive rally for eth, Ali Martinez has x.com/ali_charts/status/1792933644127859070″ target=”_blank” rel=”nofollow”>underlined the potential for the asset to fall soon. According to Ali Martínez, the TD Sequential indicator on ethereum's 4-hour time frame on May 15 previously showed a promising buy signal. This development practically caused a 32% increase in the price of ethereum.
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However, now that eth spot exchange-traded funds (ETFs) are generating so much buzz, the indicator has moved into a sell signal. Consequently, Alí Martínez predicts a downward correction of one to four chandeliers.
At the time of writing, eth had risen over 28% last week, trading at around $3,728. Despite the recent price momentum, the asset's market capitalization and trading volume are down 1.56% and 28%, respectively.
Featured image from iStock, chart from Tradingview.com