ethereum seems to be on a roll recently after BlackRock announced that it had filed for a ethereum/blackrock-ethereum-spot-etf/” rel=”nofollow noopener” target=”_blank”>ethereum Spot ETF. News of the filing pushed the price above the $2,000 level for the first time in six months, bringing the mega bulls out of the woodwork. In line with this, one analyst has predicted a huge explosion for eth/ethereum-price-primed-2000/” rel=”nofollow noopener” target=”_blank”>the price of eth that could send him to the coveted 5-figure mark.
crypto Analyst Predicts Rapid Rise to $10,000
crypto analyst @AltstreetBet took to the X platform (formerly Twitter) to share his ultra-bullish outlook for the price of ethereum. By sharing the first chart on Thursday, November 9, the analyst revealed his goals for eth price in the short term.
the first price ethereum/ethereum-failed-transactions/” rel=”nofollow noopener” target=”_blank”>goal for ethereum was placed just below $3,000, while the second target was above $3,300. The analyst tagged the post saying “#eth 1 month. eth bearish target is 3-3.5k.” However, as with any analysis, there is a point that could invalidate the forecast and AltstreetBet describes this invalidation mark below $1,691.
In a follow-up post, the crypto analyst doubles down on his bullish forecast for ethereum price, but on an even further out time frame. This time, speaking of what appears to be a bull run, the analyst places the price between $6,000 and $10,000.
<img decoding="async" class="alignnone size-medium wp-image-264011 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/11/ethereum-price-to-10000.jpeg?w=640&resize=640%2C312″ alt=”ethereum price at $10,000″ width=”640″ height=”312″ srcset=”https://bitcoinist.com/wp-content/uploads/2023/11/ethereum-price-to-10000.jpeg?w=2682 2682w, https://bitcoinist.com/wp-content/uploads/2023/11/ethereum-price-to-10000.jpeg?w=640&resize=640%2C312 640w, https://bitcoinist.com/wp-content/uploads/2023/11/ethereum-price-to-10000.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/ethereum-price-to-10000.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2023/11/ethereum-price-to-10000.jpeg?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2023/11/ethereum-price-to-10000.jpeg?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2023/11/ethereum-price-to-10000.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/11/ethereum-price-to-10000.jpeg?w=1140 1140w” sizes=”(max-width: 640px) 100vw, 640px” data-recalc-dims=”1″/>
Source: X
The analysis appears to rely on wave theory which suggests five waves for every rally and the fifth wave always sees a massive rush for a digital asset. It is this fifth wave that the analyst expects to put the price of ethereum on the path towards $10,000.
“This target will end macro wave 5 and the entire eth cycle starting in October 2015. After this, there will be a multi-year bear market,” the analyst said. He further added that: “Since wave 1 and wave 3 are extended, wave 5 will not be as high. 5k seems likely.”
ethereum turns bullish by the second
ethereum price remains on an upward trajectory into the weekend and ethereum/blackrock-ethereum-spot-etf/” rel=”nofollow noopener” target=”_blank”>Introducing the BlackRock ethereum Spot ETF is one of the main drivers. With ethereum-bullish-revival/” rel=”nofollow noopener” target=”_blank”>eth price Crossing $2,000, most investors have now turned bullish.
eth/ethereum-price-bullish-momentum-fades-1920/” rel=”nofollow noopener” target=”_blank”>eth It is currently above its 50-day moving average at around $300, consolidating its entry into a bullish rally. Then, at the 100 and 200 day moving averages, ethereum-news/ethereum–eth-founders-fraud/” rel=”nofollow noopener” target=”_blank”>eth remains stable above both, suggesting that the long term is as bullish as the short term.
He ethereum-fear-greed-index/4h” rel=”nofollow noopener” target=”_blank”>ethereum Fear and Greed Index It also points to growing greed, especially since Friday morning. As more investors are willing to put more money into the market, the price is expected to continue to rise. However, ethereum/ethereum-founder-70000-eth-sale/” rel=”nofollow noopener” target=”_blank”>profit taking expected at this level, which could cause a drop.
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Crypto-Analyst-Predicts-Ethereum-Explosion-to-10000-Heres-the-Timeline" alt="Tradingview.com ethereum Price Chart (eth $10,000)” width=”2650″ height=”1742″/>
eth bulls turn $2,000 to support | Source: ETHUSD on Tradingview.com
Featured image of FX Empire, chart from Tradingview.com
