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Ethereum may add fuel to the altcoin fire as it aims to surge more than 53% to the psychological threshold of $4,000.
Renowned market analyst Javon Marks noted this development, saying that this bull run is likely to continue, given that the second-largest cryptocurrency by market value has made remarkable progress towards this path. He acknowledged that it was imminent.
“The return of ETH to above $4,000 may have already begun, but many may not realize it yet,” Marks said. The larger technical target is $4,811.6, which could be more than +90% on track to reach, and a breakthrough would welcome entry at $8,557.6. ”
Source: Javon Marks
If this analysis is successful, Ethereum will be primed for a high of $8,557, making ETH a historic high since its current all-time high (ATH) of $4,878 reached in November 2021. It turns out.
With Ethereum breaking out of its inverted head-and-shoulders pattern, the largest altcoin is poised for a big rally.
Source: Mikybull Crypto
An inverted head-and-shoulders chart is considered a bullish reversal formation because it shows a change in trend from down to up. Technical analysts also use it to buy entries.
A bullish picture is painted for the Ethereum network
Echoing Marks’ opinion that Ethereum is poised for a big move, top market analyst Ali Martinez recently told I admitted that I was passing.
“Historically, Ethereum’s price has risen by an average of 130% every time it bounces off the bottom of this channel. If this pattern holds, as long as the key support level of $2,300 holds, A similar move could push $ETH to $6,000.”
Source: Ali Martinez
Crypto analyst The Moon agrees, saying that Ethereum is becoming more resilient to breaking out of the giant symmetrical triangle, which could trigger a rally to the $3,400 zone.
Source: The Moon
As Ethereum continues to experience bullish conditions, the altcoin recently ended a five-week outflow streak that turned out to be quite detrimental.
