- Ethereum’s Pi Cycle Top indicator predicted a market top of over $5k.
- In case of a price correction, ETH might drop to $3.03k again.
As a seasoned researcher who has seen crypto markets go through their fair share of bull and bear cycles, I can say that while the predictions for Ethereum [ETH] are indeed ambitious, they are not entirely out of reach. The recent surge in price is reminiscent of the market conditions leading up to the 2017-18 bull run, a time when many thought the sky was the limit for cryptocurrencies.
Recently, similar to many other cryptocurrencies, Ethereum (ETH) has shown significant growth. Similar to Bitcoin (BTC), anticipation exists that Ethereum might reach its record high in the near future. But, is this prediction likely to come true?
Mapping Ethereum’s path ahead
Similarly to Bitcoin, Ethereum experienced an increase of more than 8% in its value during the previous week. Currently, Ethereum is being traded at approximately $3,389.53, and it holds a market cap exceeding $408 billion.
As a researcher, I’ve observed that the current value of Ethereum is substantially lower than its all-time high (ATH). For clarity, Ethereum’s ATH was approximately $4,700, a figure it reached in November 2021.
As a crypto enthusiast, I’ve been closely watching the market’s positive trajectory recently, with fingers crossed for an upcoming altcoin surge. Many skilled analysts, including the well-respected AlejandroBTC, have forecasted that Ethereum could potentially reach a new All-Time High (ATH) in the near future.
Analysts have lately hinted at Ethereum potentially achieving its all-time high before the year ends.
Moving ahead, the analyst anticipates that Ethereum (ETH) could potentially rise to $7,000 by January 2025, and further climb up to $14,000 by March 2025.
After finding these numbers seemingly challenging, AMBCrypto delved deeper into the matter. We examined Ethereum’s daily chart to identify potential resistance levels that the token must surpass in order to achieve an all-time high (ATH). According to our analysis, at the current time, ETH is having difficulty breaking through the $3,400 resistance level.
In simpler terms, the MA Cross line showed a positive bias since the 9-day moving average surpassed the 21-day moving average. This implies that Ethereum might overcome its current resistance level in the upcoming days.
If this occurs, Ethereum could potentially reach $3.9k next, and if it surpasses this level, it may aim for its previous high in March of $4k. Breaking through that threshold might give Ethereum another opportunity to challenge its all-time high.
What to expect in the short-term?
Significantly, it wouldn’t be far-fetched to anticipate such an occurrence. The Pi Cycle Top indicator, a vital tool for identifying market peaks and troughs, suggests that Ethereum might have reached a potential peak at around $5.8k.
This was well above its ATH, suggesting a climb towards that mark in the coming days.
If the token experiences a modest increase in liquidation over time, it could still reach its target as long as the Ethereum market maintains positive sentiment and investor trust doesn’t decrease.
Read Ethereum’s [ETH] Price Prediction 2024–2025
If the market conditions shift and Ethereum (ETH) experiences a price correction, it’s possible that the leading altcoin could revert back to its support level at approximately $3,030 again.
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2024-11-25 23:03