Ethereum has been making significant gains in the past week, with a rise of over 17% and breaking above the $2,500 mark. Analysts are now predicting a bullish trend for the second-largest cryptocurrency by market cap, suggesting that its price could soon experience a parabolic surge after a period of consolidation.
In a recent post by crypto analyst Mister Crypto, it was noted that Ethereum has been consolidating for four years, indicating a potential breakout in the near future. The longer the consolidation period, the greater the expected pump in price. The analyst expressed extreme bullish sentiment and projected that ETH could reach a new all-time high on this breakout.
Another crypto analyst, Skyrexio, also shared a positive outlook for Ethereum, stating that the cryptocurrency is poised to go "insane" soon. The analysis suggested that Bitcoin’s dominance is nearing the end of an uptrend, which could provide ETH with a significant boost. While Ethereum’s price is currently facing resistance at $2,600, the analyst believes that a bounce is already in progress.
Analyzing ETH’s weekly chart, Skyrexio highlighted that the cryptocurrency is currently in wave 3 of the Elliott wave structure. A green dot on the Bullish/Bearish Reversal Bar indicator further confirms the bullish trend, with a target set at the 1.61 Fibonacci level of $6,500. The analyst also mentioned a potential scenario where BTC dominance reaches 67%, resulting in a retest of the low for ETH.
Additionally, crypto analyst Ali Martinez revealed that nearly 1 million ETH have been withdrawn from exchanges in the past month, indicating increased accumulation by whales in anticipation of a price surge.
In a separate analysis, crypto analyst Mikybull Crypto pointed out that Ethereum has broken out of a 3-year downtrend, suggesting that ETH will outperform BTC until the cycle peak. The chart accompanying the analysis proposed a rally to $9,000 for Ethereum before the end of the current market cycle.
Looking ahead, Mikybull Crypto reiterated his target of $8,000 to $10,000 for Ethereum in this cycle, drawing parallels to the 2017 market cycle. Another crypto analyst, Titan of Crypto, also predicted a parabolic move for Ethereum, with a potential rally to as high as $4,000.
As of the latest data from CoinMarketCap, Ethereum is currently trading at around $2,587. The cryptocurrency market continues to show signs of bullish momentum, with Ethereum leading the way towards potential new highs.
With Ethereum’s price showing resilience and positive momentum, investors and traders are keeping a close eye on the market for further developments. As the cryptocurrency landscape evolves, Ethereum remains a key player to watch for potential price surges and market movements.
Source: NewsBTC