crypto-analyst-bullish-on-ethereum-and-xrp/” rel=”nofollow”>Cryptocurrency Analyst CrediBULL crypto It has provided a deep insight into what to expect from the ethereum Price Action in the future. The analyst predicts that the Second largest crypto token The market cap will continue to rise to $3000, but it should be noted that a decline will occur first.
ethereum will reach $3,000 very soon
In an x (formerly twitter) x.com/CredibleCrypto/status/1827443844734185754″ rel=”nofollow”>mail, CrediBULL Cryptocurrency shared a chart that showed ethereum would rise to $3,000 sometime in September. However, the analyst's chart also showed that ethereum will fall below $2,500 before enjoying this bullish move. CrediBULL crypto did well to explain why he believes that bitcoin–ethereum-priming-for-a-leg-up-heres-why/” rel=”nofollow”>eth Price will follow that path.
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According to the analyst, bitcoin is likely to pull back soon, which will give ethereum-breakout/” rel=”nofollow”>alternative currencies Like ethereum, a “nice reset.” He stated that ethereum’s first downside target is around $2,300 and $2,500. CrediBULL crypto added that ethereum will target range lows if it breaks that range.
However, the crypto analyst commented that the ideal move is for ethereum to fall to this first downside target and then bounce from there for another leg higher, pushing it towards the upper timeframe resistance at $3,000 before the “final” breakdown. Meanwhile, CrediBULL crypto again noted that this projected move is dependent on bitcoin-price-is-headed-630000/” rel=”nofollow”>bitcoin Price Action.
As such, he warned that if bitcoin “melts down further,” then eth will likely lose the range between $2,300 and $2,500 and fall even further. On the other hand, if bitcoin-price-past-halving-cycles/” rel=”nofollow”>bitcoin just corrects “halfway,” then ethereum will see a bounce in that range and enjoy another higher high, which was highlighted on the chart.
Based on this graphical setup, CrediBULL crypto warned that opening new long positions on altcoins like ethereum at its current price level is a bad idea. There is no doubt that crypto bulls may be tempted to make such a move, as bitcoin managed to bitcoin–btc-still-in-a-bull-run-after-losing-60k/#:~:text=bitcoin%20has%20just%20broken%20past,rally%20has%20run%20its%20course.” rel=”nofollow”>Successful breakout above $60,000 over the weekend and looks set for another massive rally higher.
The real fun for eth hasn't started yet
Cryptocurrency Analyst Cousin crypto x.com/cousincrypt0/status/1827309573968932903″ rel=”nofollow”>suggested that the “fun” hasn’t even started for ethereum yet and that there is still a massive rally on the horizon for the crypto token. According to the chart he shared, ethereum is still poised to break above $5,000 in bitcoin-bull-market-glassnode/” rel=”nofollow”>This bullfight and could start rising towards this price level next month.
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Poseidon Cryptocurrency Analyst echoed a similar sentiment, noting that the “expansion” will begin once ethereum breaks above $3000. This expansion will take place ethereum hits $5,200a price level that the analyst predicted the crypto token could reach in October. Such a price increase will mark a new all-time high (ATH) for EtheETHreum, whose ATH currently stands at $4,800.
At the time of writing, ethereum is trading at around $2.7030, down nearly 1% over the past 24 hours, according to ethereum/” rel=”nofollow”>data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
