Ethereum price prediction: Top analyst says ETH is headed for a 35% surge as traders flock to this AI platform marking 30x the cryptocurrency.

adminJanuary 17, 2024

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Ethereum price is up 0.60% over the past 24 hours, trading at $2,544 as of 3:30 AM ET, with volume up 32%.

The increase signals heightened interest in proof-of-stake (PoS) tokens, with top analysts predicting a 35% surge in Ethereum’s price.

Analyst Pentosh said X says that the price of Ethereum could soon reach $3,500. Analysts expect excitement to surge over the possibility of the next ETH exchange-traded fund (ETF) to receive regulatory approval, following last week’s Bitcoin ETF.

Ethereum price prediction with 35% surge forecast

Ethereum price continues to consolidate within a rising parallel channel, with Pentoshi predicting a 35% rise to the $3,500 target, a level last tested in May 2022. Despite the high level of caution, the market remains strong, which explains the horizontal movement of most projects and extreme single-digit price increases or decreases.

The Moving Average Convergence Divergence (MACD) indicator is still moving above its signal line after the January 9 crossover, suggesting upside potential is still alive. A relative strength index (RSI) above 50 indicates strong price strength, increasing the likelihood of an extension northward.

Ethereum

TradingView: ETH/USDT 1-day chart

Nonetheless, as long as Ethereum price stays within the range of its bullish technical structure, the upside potential is still alive. Increasing buying pressure could lead to Ethereum market cap breaking the upper band of the Bollinger indicator at $2,669, with the potential to extend north and clear the high of $2,717.

If extremely bullish, Ethereum price could rise past the $2,800 level and the $3,000 psychological level, extending its neck to the $3,500 target that Pentoshi anticipates is 35% above current levels.

converse case

On the other hand, once profit booking begins, the price of Ethereum may fall, first losing support due to the channel midline and extending the decline past $2,394, the confluence between the central and horizontal lines of the Bollinger indicator.

In a worst-case scenario, a slump could push Ethereum price away from its bullish technical formation and support at $2,135. A close below this level would invalidate the big picture bullish outlook.

Nonetheless, the RSI is trending downward, which suggests a decline in momentum. If this trajectory continues, the momentum indicator could trigger a sell signal, which appears when RSI crosses below the signal line (yellow band). Traders heeding this call could see their altcoins rolled over with ETH holders suffering the aftermath.

Elsewhere, investors tired of bad decisions began buying LPX, the ticker of the Launchpad XYZ ecosystem and analysts’ top pick for the best AI crypto coin.

A promising alternative to Ethereum

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Anyone who missed out on the last token to pump over 100% should now consider Launchpad XZY, which allows them to grab as many tokens as possible. This happens as the project teaches methods and decision-making frameworks. Make decisions based on this and you will have full control of your next trade.

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The project is in the pre-sale phase and is currently valued at more than $2.555 million. According to the website, the pre-sale is scheduled to end in 7 days and each LPX token will be sold for $0.0445.

Interest in the project has exploded recently, with sales run rates soaring 1,000% in the past three weeks. The acceleration of fundraising is certain to continue with the event now sold out with less than seven days to go. So there is no time to waste for boarding.

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