Crypto analyst CrediBULL Crypto has provided deep insights into what to expect from the Ethereum price action going forward. The analyst predict that the second largest crypto token by market cap will still rise to $3,000 but noted that a crash will happen first.
Ethereum To Rise To $3,000 Soon Enough
In an X (formerly Twitter) post, CrediBULL Crypto shared a chart that showed that Ethereum would rise to $3,000 sometime in September. However, the analyst’s chart also showed that Ethereum will drop below $2,500 before it enjoys this move to the upside. CrediBULL Crypto did well to explain why he believes that ETH’s price will follow such a trajectory.
Related Reading
According to the analyst, Bitcoin will likely pull back soon, giving altcoins like Ethereum a “nice reset.” He stated that Ethereum’s first downside target is around $2,300 and $2,500. CrediBULL Crypto added that Ethereum will target range lows if it loses that range.
However, the crypto analyst remarked that the ideal move is for Ethereum to drop to this first downside target and then bounce from there for another leg up, pushing it into the higher timeframe resistance at $3,000 before the “final” crash. Meanwhile, CrediBULL Crypto again noted that this projected move depends on Bitcoin’s price action.
As such, he warned that if Bitcoin “melts harder,” then ETH will likely lose the range between $2,300 and $2,500 and drop lower. On the other hand, if Bitcoin simply corrects “midway,” then Ethereum will see a bounce in that range and enjoy another higher high, which he highlighted on the chart.
Based on this chart setup, CrediBULL Crypto warned that opening fresh longs on altcoins like Ethereum at their current price level is a bad idea. There is no doubt that crypto bulls may be tempted to make such a move, seeing as Bitcoin achieved a successful breakout above $60,000 over the weekend and looks ready for another massive rally to the upside.
The Real Fun Hasn’t Began For ETH
Crypto analyst Cousin Crypto suggested that the “fun” is yet to start for Ethereum and that a massive rally is still on the horizon for the crypto token. Based on the chart he shared, Ethereum is still set to rise above $5,000 in this bull run and could begin the rally to this price level next month.
Related Reading
Crypto analyst Poseidon echoed a similar sentiment, remarking that the “expansion” will begin once Ethereum flips $3,000. This expansion will take Ethereum as high as $5,200, a price level the analyst predicted the crypto token could reach by October. Such a price rally will mark a new all-time high (ATH) for EtheETHreum, whose ATH is currently at $4,800.
At the time of writing, Ethereum is trading at around $2,7030, down almost 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
Comments (No)