The Global M2 Money Supply has been a hot topic of discussion in the cryptocurrency world, with analysts using it to predict the price movements of both Bitcoin and Ethereum. The latest focus has been on Ethereum, with experts suggesting that the altcoin could soon reach five-figure prices.
One analyst, Ted Pillows, has been closely monitoring the Ethereum price action in relation to the Global M2 Money Supply chart. By overlaying the Ethereum price chart onto the money supply chart, Pillows has identified a potential surge in the altcoin’s price. While Ethereum is currently trailing behind the money supply chart, there are indications that it may be gearing up for a significant rally.
According to Pillows, the Ethereum price could experience a temporary dip below $4,000 before bouncing back stronger than ever. The liquidity at the $4,000 level is seen as a key factor that could fuel Ethereum’s next price surge. If Ethereum follows the trend set by the Global M2 Money Supply chart, Pillows believes that the altcoin could see a price increase of over 300%, potentially reaching as high as $18,000-$20,000 by 2026.
Even in a more conservative scenario, Pillows predicts that Ethereum could hit $10,000 in the near future. This outlook is shared by other analysts, including Titan of Crypto, who also sees Ethereum reaching the $10,000 mark. The formation of a Bull Pennant on the Ethereum chart has further bolstered predictions of a price increase to $10,000.
However, there are challenges ahead for Ethereum, particularly at the $4,000 level where significant liquidity is present. Analyst Donald Dean warns that a break below $4,200 could see Ethereum testing support at $4,070. Nevertheless, Dean believes that if Ethereum manages to hold at $4,070, it could pave the way for a 50% retracement and a climb towards the $5,766 target as the bullish momentum takes hold.
Overall, the outlook for Ethereum remains positive, with analysts confident in the altcoin’s long-term potential. As the Global M2 Money Supply chart continues to influence price predictions, Ethereum investors are eagerly anticipating a potential surge that could see the altcoin reaching new heights in the coming years.