A Crypto Analyst Predicts Ethereum Could Reach $6,000: Here’s How
A well-known crypto analyst recently shared two bullish scenarios that could potentially push Ethereum (ETH) to a price of $6,000, according to a recent TechnicalRoundup podcast.
DonAlt, a pseudonymous crypto trader, highlighted the importance of ETH either trading sideways or experiencing a significant surge to new all-time highs before a potential pullback.
“I would much rather have this basically go sideways here, or just like either rip like completely just go up and then pull back from much higher. Basically, you go towards $6,000 and then you pull back from $6,000 to $4,000. That’d be much more fun and much more constructive than pulling back now or just going sideways here in this range… If it’s bullish, I think it should do one or the other, basically either sideways here without retesting $2,900 or $2,800.”
However, DonAlt cautioned that Ethereum’s rapid ascent without a significant retracement could potentially lead to a deep corrective move, potentially reversing the current uptrend.
“Whenever I’m looking for these kinds of pullback levels, sometimes I go on the lower time frames. So, for example, the daily time frame. You open that up, and you look ‘Hey, okay, we kind of haven’t had a pullback at all. We had some sideways [movement]. We had a little bit of a false range breakdown. But since then, basically since $2,000, we haven’t had a pullback. We almost went straight to $4,000, right? So we basically almost doubled. So I think there is a world in which if something macro-wise goes wrong, we pull back to like $2,900, maybe $2,800. But I would prefer not to. But I would prefer not to. Generally, I think that would oftentimes be a sign of weakness and that this isn’t going to be sustained.”
As of the time of writing, Ethereum is trading at $3,778, reflecting a 5.4% gain over the last day.
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