A cryptocurrency analyst has made a bold prediction, suggesting that Ethereum’s price could reach a staggering $10,000. According to him, this is the minimum level that ETH can read, which underlines his confidence bullish cryptocurrency prospects. The analyst cited sturdy fundamental and technical indicators that confirm his bullish forecasts.
Current sentiment around Ethereum is unclear and his Fear and Greed Index is in the neutral range, even if volatility remains in the fear zone. This mixed market reaction comes as the cryptocurrency faces bearish headwinds, although it remains resilient and holding sturdy above the level of $2,000.
Why Ethereum Price Could Reach $10,000
It is worth noting that cryptocurrency analyst Sykodelic on X he emphasized how sturdy Ethereum’s fundamentals and structure are, even amid market volatility and changing sentiment. He revealed his sturdy bullish stance on the ETH price outlook by forecasting it cryptocurrency can reach $10,000 at least.
Related reading: Ethereum price crash update: Analyst forecasts will drop to $600 if it happens
Supporting his bold prediction, Sykodelic explained that for the past five years, Ethereum’s price has been moving sideways in the High Time Frame (HTF) range. He noted that this long-term horizontal scope has built a very sturdy base even now ETH is showing clear signs of a breakout which could trigger a massive move higher and reach up-to-date all-time highs.
The analyst cited the reasons for his bullish attitude, noting that the stronger and longer the base, the greater the potential for a breakout. He stated that Ethereum currently has one of the largest databases of all digital assets in the world.
He also highlighted technical indicators that support his bullish forecast. Looking at the attached chart, Sycodelic noticed that Ethereum is one month senior Relative Strength Index (RSI) reached a historic low that has historically marked major price reversals. He said Ethereum is currently at the bottom of its multi-year channel, which suggests it is consolidating around support and could be poised for a significant price rally.
The analyst said these factors suggest the earnings potential far outweighs risk of deterioration for traders positioning for the next breakout. He believes that Ethereum’s next attempt to break out of its current base could be the one that pushes its price to $10,000, an augment of over 400% from its current level.
The analyst rejects the $950 split target
Following the post, one cryptocurrency insider predicted that Ethereum would likely do just that experience another price crash to $950 before it starts rising to $10,000. Quick reacting, Sycodelic released bearish forecast, emphasizing that there are no grounds to expect such a edged drop in ETH.
He noted that if Ethereum falls to this level, it would be the lowest monthly RSI reading ever after the weakest expansion. Given his confidence in Ethereum’s upside potential, the analyst likely considers such a scenario unrealistic in current market conditions.
Featured image from Freepik, chart from Tradingview.com
