Ethereum
Ethereum (ETH) Could Hit $7,500? Analyst Makes Bold Claim
Read U.TODAY on
Google News
Despite the depressing performance Ethereum has shown us in recent times, the potential behind it is greater than it seems. Glass knot The analyst believes that we have not yet seen everything that Ethereum has to offer.
A comparable trend that emerged during the first months of 2021 can be seen if we look at Ethereum’s past. The current market structure is consistent with this historical pattern, indicating that Ethereum could have a price target of around $7,500. Based on the current structures and the 161.8 Fibonacci extension level, the projection was made by the analyst.
A similar Fibonacci extension level signaled notable upside and significant price gains in 2021. According to the analyst, the market moves in predictable patterns, and the current pattern indicates that ETH’s top will occur at $7,500. Additionally, the chart shows a bull flag pattern, which traditionally denotes the continuation of an uptrend.
Ethereum could be poised for a big increase in the near future if this trend continues. Additionally, there is an increase in interest and investment in the broader cryptocurrency market. This situation, along with impending Ethereum updates and growing institutional traction, could create the perfect conditions for a robust rally.
In order to achieve this goal, Ethereum must overcome many obstacles. The first significant hurdle is the $4,000 threshold, which corresponds to the 1.618 Fibonacci extension of the previous cycle. Reaching this level would confirm the bullish structure and open the door to higher targets.
As for potential catalysts and general market sentiment, we are currently seeing a recovery after the last drop, seen a few days ago, when Bitcoin ETH price fell below the $60,000 mark. The best fuel for Ethereum and the market in general would be the approval of the Ethereum ETF and some technological advancements, similar to what we saw at Solana.
About the Author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant use in the future. Currently, he focuses on news, articles with in-depth analysis of crypto projects, and technical analysis of cryptocurrency trading pairs.