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Ethereum has so far underperformedin this market cycle but looks ready to mount a parabolic rally based on analysts’ predictions. Crypto analyst Crypto Bullet recently highlighted a bullish pattern on ETH’s chart, which provides a bullish outlook for the altcoin. Ethereum Eyes $3,300 As Morningstar Candle Pattern Forms
In an X post, Crypto Bullet predicted that Ethereum could rally to $3,300 as a Morningstar Candle pattern forms for the largest altcoin by market cap. This came as he highlighted the bullish monthly closefor ETH and alluded to the monthly chart printing this bullish pattern. With this, the analyst expects a significant rally from Ethereum. Related Reading Ethereum Price At $8,000: Pundit Predicts Parabolic Run For ETH 4 days ago
Crypto Bullet noted that Ethereum is now facing tough resistance, but he believes that the $2,500 resistance will be broken. The analyst added that his next target is $3,300. Meanwhile, crypto analyst Ash Crypto also provideda bullish analysis for ETH, in which he declared that the Wyckoff accumulationwas still in play. Source: Crypto Bullet on X
He remarked that the first major level to reclaim is $3,100, which will be followed by a small correction. Following that, Ash Crypto is confident that ETH will then surge to $4,000, which will initiate an explosive rally. The analyst affirmed that $10,000 is programmed for ETHin this cycle.
As NewsBTC reported, crypto analyst Crypto GEM recently predictedthat Ethereum could rally to $8,000 by next year. Crypto analyst Titan of Crypto also highlighted $5,000, $7,000, and $8,500 as the targets for ETH’s market structure.
Meanwhile, just like Ash Crypto, crypto analyst Mikybull Crypto is also confidentthat the altcoin can reach as high as $10,000 in this market cycle. He highlighted a similarity between Ethereum’s current price action and that of the 2017 market cycle. Ongoing V-Shape Recovery For ETH
In an X post, crypto analyst Titan of Crypto highlighted an ongoing V-shape recovery for Ethereum. He noted that ETH has kicked off a sharp reversal, forming a classic V-shape structure on the weekly chart. His accompanying chart showed that ETH could rallyto as high as $7,600 on this run-up. Related Reading Is Ethereum Back In Business? Morningstar Candlestick Pattern Tells A Story 6 hours ago
Crypto analyst Mikybull Crypto statedthat Ethereum is flirting with a breakout. The analyst further noted that the Relative Strength Index (RSI) is already breaking out. His accompanying chart showed that ETH could rally to as high as $3,600 on this breakout. He also declaredthat the fifth time of ETH’s move to the MA20 will be a thrust through. The altcoin is expected to break the $2,600 resistanceon this move.
At the time of writing, the Ethereum price is trading at around $2,450, down almost 6% in the last 24 hours, according to datafrom CoinMarketCap. ETH trading at $2,468 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com