2024-5-23 18:00 |
Titan of Crypto, a well-known cryptocurrency trader and expert, in a daring prediction that has drawn the attention of the crypto community, forecasting an impending significant rally for Ethereum (ETH) to unprecedented heights while putting his next price target for the crypto asset at the pivotal $5,300 level.
The analyst’s prognosis indicates that Ethereum, fueled by favorable market circumstances and rising investors’ confidence, is poised for massive gains. This forecast comes at the heel of ETH’s recent robust price performance and increasing market optimism.
Ethereum Path To Massive Rally In February, Titan of Crypto hinted at the formation of a Bullish Cypher Pattern on Ethereum‘s weekly chart. “Just like for Bitcoin, a bullish cypher pattern is currently playing out on ETH weekly chart as well,” he stated.Due to this, the expert pointed out several targets for the asset to reach in the near term, such as $2,410, $2,881, $3,353, and $4,024, indicating a 38.20%, 50.00%, 61.80%, 78.60% upswingm respectively, from the current price then.
Earlier this month, Titan of Crypto noted that the bullish cypher pattern has successfully developed, and the aforementioned price targets have all been achieved, suggesting a substantial rally is on the horizon.
At that time, the crypto expert underscored that ETH was at the 38.2% Fibonacci retracement level, which he also dubbed the 1st stop ($2,880). Should the coin manage to sustain this level, Titan of Crypto anticipates a move on the upside from the level.
However, today, as predicted by the expert, Ethereum performed a flawless recovery from the 1st stop ($2,880) point. As a result, the crypto asset is currently forming a bull flag pattern on the weekly timeframe, citing $5,300 as the next price target for ETH to reach.
However, this is not the final destination, suggesting the potential for Ethereum to surge even higher in the upcoming months. With ETH displaying strong price performance, it could mean that the Altcoin season could be coming into play in the near future.
Indicator That Suggests A Price Correction On The DownsideAlthough Titan of Crypto anticipates a massive rally for ETH, Ali Martinez has underlined the potential for the asset to decline soon. According to Ali Martinez, the TD Sequential indicator on Ethereum’s 4-hour timeframe on May 15, previously displayed a promising buy signal. This development practically led to a 32% rise in the price of Ethereum.
However, now that the ETH Spot Exchange-Traded Funds (ETFs) are generating so much buzz, the indicator has transitioned to a sell signal. Consequently, Ali Martinez predicts a downward correction of one to four candlesticks.
At the time of writing, ETH had increased by over 28% in the past week, trading at around $3,728. Despite the recent price momentum, the asset’s market cap and trading volume are down by 1.56% and 28%, respectively.
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