Cryptocurrency Analyst CrediBULL Crypto provided deep insight into what to expect from Ethereum price action going forward. The analyst predicts that second largest crypto token market cap will still rise to $3,000, but it has been noted that a crash will come first.
Ethereum will soon reach $3,000
WX (formerly Twitter) fasting, CrediBULL Cryptocurrencies shared a chart showing Ethereum will rise to $3,000 at some point in September. However, the analyst’s chart also showed Ethereum will fall below $2,500 before it benefits from this upward move. CrediBULL Crypto gave a good explanation of why he believes that ETH Price will follow such a trajectory.
Bitcoin is likely to retreat soon, according to an analyst altcoins as Ethereum “nice reset.” He stated that Ethereum’s first downside target is around $2,300 and $2,500. CrediBULL Crypto added that Ethereum will target the lows of the range if it loses the range.
The crypto analyst noted, however, that the ideal move for Ethereum is to drop to this first downside target and then bounce off it for another leg up, which would take it to higher time frame resistance at $3,000 before a “final” crash. Meanwhile, CrediBULL Crypto noted again that this predicted move is dependent on Bitcoin price action.
As such, he warned that if Bitcoin “melts harder,” ETH will likely lose its $2,300 to $2,500 range and fall lower. On the other hand, if Bitcoin is just correcting “halfway there”, then Ethereum will rebound within this range and reach another higher high, as highlighted on the chart.
Based on this chart, CrediBULL Crypto warns that opening fresh long positions on altcoins like Ethereum at their current price levels is a bad idea. There is no doubt that crypto bulls may be tempted to make such a move since Bitcoin has reached successful breakthrough above $60,000 over the weekend and it looks like we’re in for another massive rally up.
The real fun for ETH hasn’t started yet
Cryptocurrency Analyst Crypto Cousin suggested that the “fun” for Ethereum is just beginning and that a huge rally for the crypto token is still on the horizon. Based on the chart he shared, Ethereum is still expected to rise above $5,000 in this bull run and prices may start rising to this level next month.
Poseidon Cryptocurrency Analyst echoed a similar sentiment, noting that the “expansion” would begin once Ethereum hits $3,000. This expansion would take Ethereum reaches $5,200a price level that the analyst believes the crypto token could reach by October. Such a price rally would set a fresh all-time high (ATH) for EtheETHreum, whose ATH is currently $4,800.
At the time of writing, Ethereum is trading at around $27,030, down almost 1% in the past 24 hours, according to data data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
