Ethereum Price Ready For 75% Breakout To $4,723, Here’s Why
2024年8月14日 - 9:30AM
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Crypto analyst Javon Marks has predicted that Ethereum (ETH) could
enjoy a 75% breakout and rise to $4,723. The analyst also explained
why this parabolic rally is possible for the second-largest crypto
by market cap. Why A Rise To $4,723 Is Possible For Ethereum Marks
mentioned in an X (formerly Twitter) post that Ethereum’s price is
poised to rise to $4,723 as bull divergences continue to hold
within a massive climb since breaking out. He added that the 75%
move to this target and above can take place with the breakout and
divergence holding. Related Reading: Legendary Fibonacci
Extension Reveals When Bitcoin Will Reach $109,000 From the chart
he shared, Marks also suggested that Ethereum’s price could rise to
$8348. However, the analyst didn’t provide a timeline for when ETH
will reach this price target. Crypto analyst Altcoin Daily also
recently predicted that Ethereum could rise above $8,000 as he put
his peak price target for ETH in this bull run at $8,800. Crypto
analyst Poseidon also believes that Ethereum’s price can rise as
high as $8,000. Meanwhile, crypto analyst DavidOnCrypto has
provided a timeline for when Ethereum could reach $8,000, stating
that it will happen in the next six months. He claimed that ETH’s
move from its current price level to $8,000 would foreshadow the
move that Bitcoin enjoyed as it rose from $25,000 to $70,000.
Ethereum investors will undoubtedly be wary of such price targets,
considering how much the crypto token has underperformed compared
to Bitcoin since the start of the year. However, crypto analysts
like Roman have assured that Ethereum’s time will come when it will
make that parabolic run in this market cycle. The analyst explained
that it wasn’t unusual for Ethereum’s price to lag while Bitcoin
hit new highs. He alluded to 2020 when ETH was down 80% from its
all-time high (ATH) while the flagship crypto broke its ATH. Roman
predicted that Ethereum would make its run by year-end, as that is
when he believes liquidity will begin to shift from Bitcoin to
Ethereum and other altcoins. Some Positives For ETH Crypto analyst
Crypto Kaleo recently stated that he is confident that Bitcoin’s
dominance has hit cycle top. This represents a positive for
Ethereum’s price as Crypto Kaleo noted that altcoins will begin to
gain ground starting with the “king” ETH. He added that the real
altcoin season begins when Bitcoin’s dominance drops beneath
50%. Related Reading: Crypto Analyst Says End Of This Bitcoin
Bear Trap Could Drive Price To $72,000 Meanwhile, Grayscale’s
Ethereum Trust (ETHE), which has recently contributed much of the
selling pressure on Ethereum, recorded its first zero-flow day
since converting to a Spot Ethereum ETF. This is undoubtedly
a positive for Ethereum, especially considering that Grayscale’s
Bitcoin Trust (GBTC) recorded 78 consecutive outflow days before
registering its first day without an outflow. On the other hand,
ETHE achieved this feat on the fourteenth day of trading as a Spot
Ethereum ETF. Featured image created with Dall.E, chart from
Tradingview.com
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