Ethereum Price To Hit New All-Time High If This Happens: Crypto Analyst

As an analyst with over two decades of experience in the financial markets, I have learned to appreciate the nuances that each asset class presents. My analysis of Ethereum (ETH) aligns closely with the perspective of Poseidon (@CryptoPoseidonn), a fellow analyst who has demonstrated a keen understanding of this cryptocurrency’s behavior.


Crypto expert Poseidon (@CryptoPoseidonn) has shared an in-depth forecast for Ethereum (ETH). His analysis, posted on social media platform X and viewed by his 123,000 followers, focuses on the crucial $2,160-$1,900 price zone that has functioned as a substantial high-level support since summer 2021.

ETH Price Analysis: $8,000 Is Possible If …

As per Poseidon’s analysis, Ethereum has recently revisited a crucial support point on its chart, following a major breakout earlier this year. This particular price range has often served as a significant battleground between bulls and bears, making it a vital area of focus for technical analysis. In his words, the initial break above this level in early 2024 led to a substantial price surge because it was the last obstacle preventing further growth. After approximately 200 days, Ethereum has returned to the same level, and according to Poseidon, purchasing ETH at this point presents a valuable buying opportunity.

The strength of Ethereum holding above the $1,900 level is crucial for maintaining its positive momentum. A fall below this point without prompt recovery might suggest a market peak and potentially trigger a decline to around $1,000, signaling a major shift in the current market direction. Nevertheless, Poseidon views this possibility as uncommon, expressing faith in the level’s stability: “I consider such a scenario extremely improbable. I anticipate that the price will find its lowest point within this range, marking a significant long-term bottom.”

Ethereum Price To Hit New All-Time High If This Happens: Crypto Analyst

In the future, Poseidon establishes goals that hinge on Ethereum surpassing and maintaining prices above specific levels. First, Ethereum should break through $3,000, then $3,500 to create an opportunity for potential record-breaking increases. If we exceed $5,000, he considers a range of $7,000-$8,000 as plausible. However, while he thinks it could reach even greater heights, prices above $8,000 would be too risky for him to maintain long positions. He advises extreme caution and quick selling if the daily trend weakens.

As an analyst, I utilize Fibonacci retracement levels to substantiate my target setting process. This popular trading tool helps predict potential shifts in market trends, acting as indicators for possible reversals, support, and resistance points. However, it’s important to note that these projections are dependent on the market preserving its current structure without major trend disruptions.

For Ethereum to enter a bull market phase, it’s essential to focus on several critical technical factors. Initially, Ethereum should regain and sustain the 200-day Exponential Moving Average (EMA) as this indicates growing strength in its momentum. Secondly, the crypto must preserve a position above its essential support level within the range, which is vital for maintaining bullish optimism. Lastly, surpassing the daily supply zone between $3,100 and $3,200 will likely test Ethereum’s durability. If it manages to overcome this hurdle successfully, this could fortify its uptrend.

As an analyst, I’m observing the current market situation and acknowledging the hurdles we face in this bullish flip. The prevailing sentiment is bearish, and it’s proving challenging to break above the resistance levels. Despite our position at a robust weekly and monthly support level, we’re still experiencing a downtrend. To establish this level as the market bottom, we need to transform the daily trend back into a bullish one.

As a seasoned crypto investor, I’ve come to rely on the H8 timeframe and its EMA200 as the crème de la crème for trend analysis. Over the years, since 2018, I’ve delved deep into the H8 EMA200 of Ethereum, compared it with other moving averages and timeframes, and I can wholeheartedly claim that this combination stands out as the GOAT (Greatest of All Time) in my book. This specific timeframe and moving average offer a unique perspective on shorter-term price fluctuations, making them indispensable elements in my trading strategy.

Ethereum Price To Hit New All-Time High If This Happens: Crypto Analyst

At press time, ETH traded at $2,753.90.

Ethereum Price To Hit New All-Time High If This Happens: Crypto Analyst

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2024-08-14 22:32