Regardless of the uninspiring price performance of Ethereum (ETH), the latest analysis from leading cryptocurrency analysts predicts that the asset could be on the verge of a parabolic rise.
In the recent fasting In an article published on X, renowned cryptocurrency analyst Javon Marks presented an hopeful scenario for Ethereum, suggesting a potential price rally similar to what occurred in 2023.
Key level to watch for a rally to $8,100?
According to Marks, Ethereum is poised to repeat its previous pattern, which led to a gain of over 160%. In a post on X, he states: “ETH looks set to repeat its 2023 pattern, which led to a gain of over +165%, and it looks like it’s time to ‘GO TIME’ again.”
Marks set a price target of $4,723.50, adding that a breakout of this price range could bring the possibility of Ethereum breaking above $8,100. This projection suggests a nearly doubling of Ethereum’s current price if this trend materializes.
$ETH (Ethereum) has apparently repeated the pattern of 2023 which led to a gain of over 165% and it looks like it is time to “GO” ” Again!
The year 2023 seems to be heralding another massive growth that could soon occur in the cryptocurrency market.
Target is 4723.5… photo:twitter.com/a1ePw6wpF3
— JAWON
SIGNS (@JavonTM1) September 15, 2024
Despite this hopeful outlook, Ethereum’s recent market performance has been bearish. In the past 24 hours alone, ETH is down 4.5%, taking its price below $2,400 — a level it briefly traded above over the weekend.
Ethereum Price: On the Other Side
While Javon Marks’ analysis points to an hopeful future for Ethereum, other market analysts have pinpointed key support zones that Ethereum needs to hold to prevent further decline.
Ali, another well-known cryptocurrency analyst, pointed to a key support range between $2,290 and $2,360. This zone, according to Ali, is significant because it is where about 1.90 million addresses hold about 52.30 million ETH.
Ali warns that if Ethereum fails to hold this support, a sell-off could occur, potentially pushing the price towards the $1,800 level.
It is worth noting that exceeding this level would be very unfavorable for the ETH market as it would not only result in a significant number of liquidations but would also invalidate hopeful forecasts and lead to a further downtrend, which would mean a significant change in market sentiment.
Key support for #Ethereum is between $2290 and $2360, where 1.90 million addresses contain ~52.30 million $ETHIf this demand zone is broken, we may witness a sell-off. #ETH towards $1,800. photo:twitter.com/ubP9ZZd8H0
— Ali (@ali_charts) September 15, 2024
Featured image created by DALL-E, chart from Tradingview
