Like bitcoin, ethereum has also gained momentum, with the second-largest crypto token crossing the $3,000 resistance level for the first time since 2021. Interestingly, this crypto analyst believes the rally is far from over, as highlighted by a key price level that eth could arrive soon enough.
ethereum could rise as high as $4,000
Altcoin crypto analyst Sherpa suggested in an X (formerly Twitter) mail that ethereum could rise to $4,000. His prediction seems feasible when considering crypto analyst bitcoin Ape's recent analysis of ethereum from a technical analysis perspective.
In its x publication, bitcoin Ape noted that the ADX (average directional index) indicator is currently “very high”, indicating that eth's bullish trend is strong. In fact, this bullish momentum could be very strong as the crypto token has since crossed the $3,130 price level, which bitcoin Ape highlighted in its post as ethereum-trading-volume-surges-35/” rel=”nofollow”>The new eth resistance level.
Interestingly, the analyst noted that ethereum-solana-chainlink-crypto/” rel=”nofollow”>ethereum It had already faced four resistance levels in February alone and has so far surpassed them all, having also crossed the $3,130 mark. Although bitcoin Ape did not give its short-term prediction for eth, it expects the crypto token to reach its all-time high (ATH) of $4,891 when the bitcoin-bull-market-glassnode/” rel=”nofollow”>confinement returns in full force.
Meanwhile, Altcoin Sherpa is not the only one who believes eth could rise to $4,000 very soon. Standard Chartered Bank had also foretold that the crypto token would reach this price level by the time it ethereum-spot-etf/” rel=”nofollow”>ethereum Spot ETF It is approved in May.
Cryptoanalyst Rager also recently gave a bullish prediction for the price of eth, although he set his short-term target at $3,500. However, he added that this price level is just the beginning, stating that it is not the “peak peak by any means.”
ethereum's rally does not depend on bitcoin's success
There are reasons to believe ethereum-bulls-eye-3k-as-the-market-shows-strength-rebel-satoshi-rblz-raises-investors-expectations-for-profit/” rel=”nofollow”>ethereum's Current Bullish Momentum It is not due to the rise in bitcoin price, as the ethereum ecosystem also has narratives that may be driving the eth rally. On the one hand, the ethereum-dencun-upgrade/” rel=”nofollow”>ethereum Network 'Dencun' Update It is scheduled for March 13. This long-awaited event is important as it would usher in advancements in the scalability, security, and usability of the ethereum network.
Meanwhile, he talks about a ethereum-franklin-templeton-enters-the-etf-ring/” rel=”nofollow”>ethereum Spot ETF likely approved in May has created a lot of excitement among investors who have chosen to double down on their investments in the second largest crypto token in anticipation of this happening.
The increased interest in eth is expected to cause significant rallies in its price ahead of the May deadline, when the SECOND you will have to approve or deny ethereum-etf/” rel=”nofollow”>VanEck Spot ethereum ETF App.
<img decoding="async" class="aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Outperforms-Bitcoin-as-Institutional-Investors-Clamor-for-ETH-Exposure" alt="ethereum Price Chart by Tradingview.com (Cryptocurrency Analyst)” width=”3286″ height=”1530″ loading=”lazy”/>
eth bulls maintain hold above $3,200 | Source: ETHUSD on Tradingview.com
Featured image from Bitcoinist, chart from Tradingview.com
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