Cryptocurrency analyst Tice stated that Ethereum price rally up to $4,000 is not a long shot, but something that will definitely happen. This came as it revealed that it was accumulating ETH based on technical data that indicates buying sentiment.
Analyst Reveals Ethereum Price Rise to $4,000 as Structural Magnet
In Post XTice said Ethereum’s price surge to $4,000 was not a bullseye, but a structural magnet. He then noticed that he was loading ETH while everyone else was giving up. His belief in ETH is based on technical data that indicates the imminent rise of the second largest cryptocurrency by market capitalization.
The analyst noted that ETH’s structure has compressed while liquidity has decreased. At the same time, Ethereum price is making higher and higher lows under the greatest doubts and it is clear that the forced selling has been absorbed. Tice declared that it was not a weakness, but accumulation phase will come to an end, which will trigger a breakout.
Tice also mentioned that Ethereum’s price structure has been reluctant to break through on such a immense fear, indicating an imminent edged upward move. In another Post Xthe analyst doubled his bullish forecast for ETH. He noted that Ethereum is the most awkward asset to hold right now, but that’s why it’s exploding.
He compared Ethereum’s current price action to Netflix, which he noted spent years in a range and retested lows six times before seeing a parabolic move higher. Tice stated that Ethereum follows the same pattern, with the same compression, the same frustration and the same crowd leaving. Therefore, the analyst assured that ETH is not broken but is simply charging for a parabolic upward move.
I will sell Signal Flashes for ETH
On the other hand, a cryptocurrency analyst Ali Martinez assured bearish outlook for Ethereum, noting that it is up-to-date sell signal just flashed for ETH. He pointed to the TD Sequential indicator, which he believed was extremely correct in predicting ETH trends over the past year. The analyst added that every signal this indicator showed on a weekly time horizon was confirmed by significant price action.
As such, Martinez believes that Ethereum’s price is entering its next phase corrective phase with this up-to-date sell signal. He stressed three downside targets if selling pressure increases. These targets are $1,900, $1,565 and $1,090 and are short-term, mid-term and long-term downside targets respectively.
At the time of writing, Ethereum is trading at around $2,260, having risen over the past 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
