Ethereum Price Soaring: Analyst Predicts $7,000 Surge

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As a crypto investor, I’ve noticed that while many altcoins have thrived in this bull market, Ethereum, once hailed as the “king of altcoins,” hasn’t quite managed to maintain its prestigious position. After dropping below the $4,000 mark last year, Ethereum has yet to demonstrate a convincing effort toward reclaiming its all-time high price.

Lately, the price of Ethereum seems to be bouncing back quite strongly following a prolonged period of bearish influence since January. This small surge in momentum suggests that Ethereum could potentially experience substantial growth in the upcoming months.

How High Could ETH Price Climb?

In a January 17th update on the X platform, well-known crypto analyst Ali Martinez expressed a bold optimistic forecast about Ethereum’s price in the upcoming months. The trader anticipates that Ethereum could surge towards roughly $7,000.

This prediction is derived from the emergence of a reversed head-and-shoulder structure in Ethereum’s daily price graph. The reversed head-and-shoulders pattern is a technical chart formation identified by three discernible price dips, with a lower “head” positioned between two higher “shoulders.

In simpler terms, the ‘head-and-shoulders’ pattern typically suggests an upcoming bearish shift, but its opposite, called the ‘inverse pattern’, hints at a potential bullish surge. However, for the inverse pattern to be confirmed as valid, the price must break above the neckline, which is a line drawn connecting the highest points (peaks) between the head in this pattern.

From my analysis, it seems that the price of Ethereum has formed the right shoulder in an inverse head-and-shoulders chart. Currently, it’s moving towards the neckline, which lies within the $4,000 to $4,100 range.

Martinez pointed out that if Ethereum’s price manages to surpass $4,100, it might trigger a surge towards $7,000. This potential increase is nearly double the current price level, as suggested by Martinez. The recent activity of large investors (whales) in the blockchain could serve as a significant factor driving such an upward trend.

Over the last seven days, large investors, known as “whales,” have bought approximately 330,000 Ether (valued at over a billion dollars). Such whale activity could potentially indicate a positive outlook for Ethereum prices, particularly since similar patterns of accumulation have historically led to substantial price rises.

Ethereum Price At A Glance

Currently, the Ether token stands slightly below $3,500, marking a nearly 5% surge over the last day. As per information from CoinGecko, the value of Ethereum has risen by almost 7% over the past week.

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2025-01-18 15:41