As a seasoned analyst with over two decades of market experience under my belt, I must say that I find myself intrigued by the current state of Ethereum (ETH). On one hand, we have the optimistic forecast from Javon Marks suggesting a potential parabolic rise towards $8,100. On the other, we have analysts like Ali warning about the critical support zones that ETH must hold to prevent further decline.
Despite Ethereum‘s current lackluster pricing trends, leading cryptocurrency experts foresee a potential surge towards a parabolic increase in value.
On platform X, respected cryptocurrency expert Javon Marks recently shared an upbeat forecast for Ethereum. His prediction indicates a possible significant price increase reminiscent of the trend observed in 2023.
Key Level To Watch For A Rally To $8,100?
As per Marks’ analysis in his post on X, Ethereum appears to have mirrored a past trend from 2023 which resulted in a surge of more than 165%. He suggests that we might be witnessing another such significant increase, stating “It seems like ‘GO TIME’ again for Ethereum.
Mark has specified a potential peak price of $4,723.5 for Ethereum, mentioning that surpassing this level might lead to the opportunity for Ethereum’s value to exceed $8,100. If this forecast comes true, it would mean nearly doubling Ethereum’s current market price.
Ethereum, or ETH, appears to be mirroring a trend from 2023 which subsequently resulted in a surge of more than 165%. If this pattern repeats itself, we might be on the verge of another significant climb, making it an exciting time for investors!
2023 seems poised to serve as a roadmap for significant growth that could quickly unfold within the cryptocurrency market.
Target is at $4,723.5…
— JAVONMARKS (@JavonTM1) September 15, 2024
Even though there’s an upbeat prediction about Ethereum, its recent trading activity suggests a downward trend. In fact, within the last day, ETH has dropped by 4.5%, causing its value to dip below the $2,400 threshold—a price point it momentarily surpassed during the weekend.
Ethereum Price: On The Flip Side
According to Javon Marks’ perspective, Ethereum seems likely to head upward. However, other financial experts have identified crucial areas where Ethereum should maintain its position to forestall any additional drops.
Analyst Ali, who’s known in the crypto world, has emphasized a vital support area spanning from $2,290 to $2,360. This area is crucial because approximately 1.90 million Ethereum addresses collectively hold around 52.30 million ETH within it.
Ali cautions that should Ethereum not sustain its current support, there might be a wave of selling, possibly pushing the value down towards the $1,800 mark.
Significantly, a drop in ETH price below this level could cause serious harm to the Ethereum market. This is because it would not only result in a large number of forced sales (liquidations), but also undermine the optimistic forecasts and potentially initiate a prolonged decline. This downturn may significantly alter the general market outlook.
The main backing for Ethereum is found in the range of $2,290 to $2,360, as approximately 1.9 million users hold around 52.3 million Ether in this area. If this support zone weakens, it might trigger a sell-off that could push the price of Ethereum down towards $1,800.
— Ali (@ali_charts) September 15, 2024
Read More
Sorry. No data so far.
2024-09-17 06:04