As a seasoned crypto investor with over 10 years of experience navigating bull and bear markets alike, I have learned to approach market analysis with a grain of salt, but always keeping one eye on the charts and the other on the broader macroeconomic environment.
In simpler terms, Ethereum (ETH) has been experiencing a substantial drop in its value lately, causing it to lose money. Over the last seven days, Ethereum’s worth decreased by about 9.2%, mirroring a general weakening trend across the market.
Over the last day, there’s been a bit of shift, as ETH has experienced a 3.2% rise in value. Although this growth doesn’t undo the declines from the past week, it could hint at the start of a rebound period.
Is Ethereum At The End Of Its Correction
Based on the most recent assessment by well-known cryptocurrency expert Alex Clay, it appears that Ethereum could potentially be regaining strength as its prolonged bearish trend may be nearing its end.
He highlighted that if Ethereum manages to hold its ground above crucial technical thresholds, particularly the 200-day moving average and the 200-day exponential moving average, this could create a robust base for a price surge.
As a researcher, I posit that surpassing the $2,500 threshold might signify the conclusion of the correction and set the stage for the asset’s recovery. Previously, I had been quite optimistic about Ethereum reaching a significantly higher price point. However, recent market fluctuations have necessitated a reassessment of my predictions.
#ETH/USD
Imo we are at the end of the $ETH correction
Looking for some consolidation above the Key Zone + 200 MA & 200 EMA confluence
Crossing the $2500 mark signifies the commencement of Ethereum’s rally, suggesting a potential goal of $10,000.
— Alex Clay (@cryptclay) September 9, 2024
Initially, the analyst believed Ethereum could reach $10,000, but given its current weight, he considers this target as more of a dream than a possibility. Presently, his revised expectations include a mid-term objective of $4,000 and long-term goals ranging from a moderate $6,255 to a hopeful $7,942.
Other Analysts Eye Falling Wedge Pattern As Key Indicator
Beyond Clay’s assessment, there has been significant attention on Ethereum’s technical chart from notable analysts such as Anup Dhungana and Captain Faibik. They have recently pointed out the possibility of an imminent bullish surge in ETH.
In other words, Dhungana’s ETH/BTC chart analysis indicates that a bounce back from crucial support points and a breakthrough of the falling wedge pattern might lead to a substantial rise in Ethereum’s value.
As an analyst, I find that recognizing a breaking outfalling wedge pattern can be quite exciting, for it’s often seen as a bullish reversal signal in technical analysis. A confirmed breakout may hint at the commencement of a substantial uptrend that could potentially escalate exponentially.
In a similar vein, Captain Faibik expressed the same idea by posting an altcoin market graph showing a descending wedge pattern as well.
In simple terms, Faibik foresees altcoins escaping from their wedge formation soon, which might propel significant altcoins such as Ethereum (ETH) towards a restoration in the last quarter of 2024.
He recommended that investors stay calm, gather various cryptocurrencies (altcoins), and get ready for a potential recovery, which might bring the prices back up to their peak levels seen in March 2024.
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2024-09-10 10:16