Is Ethereum Ready for a Rally? Analyst Reveals Key Levels to Watch for $8,100 Rally
Despite the Ethereum (ETH) price action being unattractive, the latest analysis from leading cryptocurrency analysts in the field predicts that the asset is set to surge.
Recently mail Renowned cryptocurrency analyst Jayvon Marks has uploaded a post to X, presenting an optimistic scenario for Ethereum, suggesting a potential price surge similar to the pattern seen in 2023.
What are the key levels to watch for a move up to $8,100?
According to Marks, Ethereum is poised to replicate the previous pattern that led to a +160% surge. In a post on X, he said, “ETH appears to have replicated the 2023 pattern, which led to a +165% rally, and it looks like it’s time to ‘go’ again.”
Marks set his target price at $4,723.5, adding that a break above this price mark could potentially send Ethereum above $8,100. This prediction suggests that if this trend comes to fruition, Ethereum’s current price could nearly double.
$Ethereum (Ethereum) appears to be replicating its pattern of +165%+ gains since 2023 and looks set to be “GO TIME”.
” again!
2023 looks like a blueprint for another massive bull run in this cryptocurrency market.
The target is $4,723.5… pic.twitter.com/a1ePw6wpF3
— Capital
Marks (@JavonTM1) September 15, 2024
Despite this optimistic outlook, Ethereum’s recent market performance has been bearish. In the past 24 hours alone, ETH has fallen 4.5%, dropping below $2,400, a level it briefly traded above over the weekend.
Ethereum Price: The Other Side
According to Jayvon Marks’ analysis, the future of Ethereum is bullish, but other market analysts have outlined key support areas that Ethereum must hold to prevent further declines.
Ali, another prominent cryptocurrency analyst, highlighted a significant support range between $2,290 and $2,360. According to Ali, this area is important because it contains around 1.9 million addresses holding around 52.3 million ETH.
Ali warned that if Ethereum fails to hold this support, a sell-off could occur, potentially sending prices down to $1,800 levels.
In particular, a price drop below this range would be a major blow to the ETH market, as it would not only trigger massive liquidations, but would also invalidate bullish predictions and lead to a further downtrend, which would result in a significant change in market sentiment.
Main Support #Ethereum It is priced between $2,290 and $2,360 and has ~52.3 million coins stored across 1.9 million addresses. $Ethereum. If this demand zone is broken, a sell-off may occur. #Ethereum Towards $1,800. pic.twitter.com/ubP9ZZd8H0
— Ali (@ali_charts) September 15, 2024
Featured image was generated from charts by DALL-E, Tradingview.
