Ethereum
Will Ethereum (ETH) hit $7,500? Analyst makes bold claim
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Despite depressing performances Ethereum showed us recently that the potential behind it is greater than it seems. Glass knot The analyst believes that we have not yet seen everything that Ethereum has to offer.
A similar trend that emerged in the first months of 2021 can be observed if we look at Ethereum’s past. The current market structure is consistent with this historical pattern, indicating that Ethereum could have a price target of around $7,500. Based on the current structures and the 161.8 Fibonacci extension level, the projection was made by the analyst.
A similar Fibonacci extension level signaled a notable rally and significant price gains in 2021. According to the analyst, the market moves in predictable patterns, and the current pattern indicates that ETH’s top will occur at $7,500. Additionally, the chart shows a bull flag pattern, which traditionally denotes the continuation of an uptrend.
Ethereum The cryptocurrency market could see a sharp rise in the near future if this trend continues. Moreover, interest and investment in the cryptocurrency market are booming. This, along with Ethereum’s impending upgrades and growing institutional traction, could create the perfect conditions for a robust rally.
In order to reach this goal, Ethereum must overcome many obstacles. The $4,000 threshold, which corresponds to the 1.618 Fibonacci extension of the previous cycle, is the first major hurdle. Reaching this level would confirm the bullish structure and open the door to higher targets.
As for potential catalysts and general market sentiment, we are currently seeing a recovery from the most recent drop seen a few days ago when Bitcoin has fallen below the $60,000 level. The best fuel for Ethereum and the market in general would be the approval of the Ethereum ETF and some technological advancements, similar to what we have seen from Solana.
About the Author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.