Biggest altcoin Ethereum (ETH) is currently at a critical point, with analysts recommending a close watch on key technical levels that could signal a significant upward move. Despite the recent correction that was deeper than expected, analysts ETHMaintains bullish outlook on future price of .
Two Leading Analysts Agree on a Rally in ETH
Famous analyst Michael van de Poppenoted that Ethereum recently broke out to the upside and is moving in line with the scenario he predicted. The analyst added that the recent correction was deeper than he expected. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Poppe emphasized that Ethereum needs to remain above $2,400 for the upward momentum to continue. The analyst thinks that $2,450 needs to be passed for the rise to strengthen and a breakout rally to begin.
Another analyst who added to the positive sentiment for the altcoin king Yoddhaunderlined that the long-term outlook is positive, stating that Ethereum is poised for a significant move towards five-figure levels even as it consolidates for another month. Yoddha’s analysis suggests that the focus should be on the longer-term picture rather than the short-term picture, pointing to a possible breakout rally similar to previous rallies observed in Ethereum’s price history.
The Moon Expects Price to Drop Further Ahead of Major Rally
Another leading analyst, The MoonEthereum’s chart typically shows the potential for a bullish reversal on the daily timeframe Falling Wedge formationThis technical formation suggests that market sentiment may be shifting towards a more optimistic outlook as investors look to make significant gains.
According to the analyst, if ETH manages to break out of the Falling Wedge formation, the price could return to $4,000 levels. However, The Moon shared price chart This suggests that before such a significant rise, the price of ETH should pull back a little more and drop to $2,100 – $2,200.
At the time of writing, ETH is trading at $2,404, up 0.14 percent in the last 24 hours.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
