Regardless of the unattractive price performance of ethereum (eth), the latest analysis from leading cryptocurrency analysts in the space predicts that the asset could be on the verge of a parabolic rise.
In a recent twitter.com/JavonTM1/status/1835399545024307321?ref_src=twsrc%5Etfw” target=”_blank”>mail Upvoted by x, renowned cryptocurrency analyst Javon Marks has presented an optimistic scenario for ethereum, suggesting a possible price surge similar to a pattern seen in 2023.
Key level to watch for a rally to $8,100?
According to Marks, ethereum is on the cusp of replicating a previous pattern that led to an increase of over 160%. In the post on x, he states: “eth appears to have replicated a 2023 pattern that led to an increase of over 165%, and it seems time for another rally is now.”
Marks has set a price target of $4,723.5 and added that a break above this price could bring with it the possibility of ethereum reaching over $8,100. This projection suggests that the current price of ethereum will almost double if this trend materializes.
<blockquote class="twitter-tweet”>
twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” target=”_blank”>$Ether (ethereum) appears to have replicated a 2023 pattern that led to a +165% rally and it looks like it's “GO TIME” ” again!
The year 2023 seems to have been the blueprint for another massive surge that could soon occur in this cryptocurrency market.
The target is $4,723.5… photo.twitter.com/a1ePw6wpF3
— SOAP
BRANDS (@JavonTM1) twitter.com/JavonTM1/status/1835399545024307321?ref_src=twsrc%5Etfw” target=”_blank”>September 15, 2024
Despite this optimistic forecast, ethereum’s recent market performance has shown bearish tendencies. In the past 24 hours alone, eth has declined by 4.5%, causing its price to fall below the $2,400 mark, a level above which it briefly traded over the weekend.
x/5My9OsGJ/” alt=”ethereum (eth) price chart on TradingView” />
ethereum Price: On the Opposite Side
While Javon Marks’ analysis points towards a bullish future for ethereum, other market analysts have outlined critical support zones that ethereum must hold to avoid further decline.
Ali, another well-known cryptocurrency analyst, has highlighted a crucial support range between $2290 and $2360. This zone, according to Ali, is important because it is where approximately 1.90 million addresses hold around 52.30 million eth.
<img src="https://technicalterrence.com/wp-content/uploads/2024/09/Is-Ethereum-primed-for-a-rally-Analyst-reveals-key-levels.jpeg" alt="ethereum moves in/out of the money around price.” />
Ali warns that if ethereum fails to hold this support, a sell-off could occur, which could push the price towards the $1,800 level.
In particular, a break below this range would be quite detrimental for the eth market as it would not only trigger a significant amount of liquidations but would also invalidate bullish predictions and lead to a new downtrend, marking a substantial shift in market sentiment.
<blockquote class="twitter-tweet”>
Key support for twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” target=”_blank”>#ethereum is located between $2,290 and $2,360, where 1.90 million addresses contain ~52.30 million twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” target=”_blank”>$EtherIf this demand zone breaks, we could see a sell-off that drives twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw” target=”_blank”>#eth towards $1,800. photo.twitter.com/ubP9ZZd8H0
— Ali (@ali_charts) twitter.com/ali_charts/status/1835425549164138979?ref_src=twsrc%5Etfw” target=”_blank”>September 15, 2024
Featured image created by DALL-E, chart from Tradingview
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