Cryptocurrency Analyst Javon Marks he predicted that Ethereum (ETH) may enjoy a 75% breakout and a rise to $4,723. The analyst also explained why this parabolic rally is possible for second largest cryptocurrency by market capitalization.
Why Rising to $4,723 Is Possible for Ethereum
Characters listed in X (formerly Twitter) fasting This Ethereum price is poised to rise to $4,723 as bullish divergences continue to hold within the massive rally since the breakout. He added that a 75% move to this target and above could occur with breakout and divergence holding.
From the shared chart, Marks also suggested that Ethereum price could rise to $8,348. However, the analyst did not provide a timeline for when ETH would reach that price target. Cryptocurrency Analyst Altcoin Daily also recently Planned that Ethereum could rise above $8,000 as it has set its all-time high price target for ETH in this bull run at $8,800. Crypto analyst Poseidon also he believes that the price of Ethereum could rise up to $8,000.
Meanwhile, cryptocurrency analyst DavidOnCrypto has provided a timeline for when Ethereum could reach $8,000, stating that this will happen in the next six months. He claimed that ETH’s move from its current price level to $8,000 would be a precursor to the move that Bitcoin enjoyed when it rose from from $25,000 to $70,000.
Ethereum investors will undoubtedly be wary of such price targets, given how much the crypto token has underperformed against Bitcoin since the beginning of the year. However, crypto analysts such as Roman I assured that Ethereum’s time will come when it makes a parabolic jump in this market cycle.
The analyst explained that it was not uncommon for Ethereum to lag while Bitcoin was making recent highs. He referred to 2020, when ETH fell 80% from its all-time high (ATH), while flagship crypto has broken its ATHRoman predicted that Ethereum will peak at the end of the year because that is when he believes liquidity will start to shift from Bitcoin to Ethereum and other altcoins.
Some positives for ETH
Crypto Kaleo Cryptocurrency Analyst recently stated that he believes Bitcoin’s dominance has reached the peak of its cycle. This is positive for Ethereum price, as Crypto Kaleo noted that altcoins will start gaining popularity, starting with the “king” ETH. He added that the real altcoin season begins when Bitcoin Dominance falls below 50%.
Meanwhile, Grayscale’s Ethereum Trust (ETHE)which has been a major contributor to the selling pressure on Ethereum recently, recorded its first day with zero flow since the switch to the Ethereum Spot ETF.
This is undoubtedly a positive feature for Ethereum, especially considering that Bitcoin Trust (GBTC) by Grayscale recorded 78 consecutive days of outflow before recording its first day without an outflow. On the other hand, ETHE achieved this feat on its fourteenth day of trading as Ethereum ETF Spot.
Featured image created with Dall.E, chart from Tradingview.com
