$10,000 Ethereum (ETH) by Year-End? Analyst Makes Bold Price Prediction

by

As a seasoned financial analyst with extensive experience in the cryptocurrency market, I find the recent bullish predictions on Ethereum ($ETH) by prominent analysts Michaël van de Poppe and CryptoYoddha intriguing. Van de Poppe’s assessment that Ethereum is near the end of its correction and will reach a higher support level in the coming weeks aligns with my own analysis. I believe that the cryptocurrency is in the process of consolidating after a significant rally, and a further 10% decline could be expected before a potential rebound.

Cryptocurrency experts have lately shown optimism towards Ethereum (ETH), the cryptocurrency with the second-largest market value, predicting that its price could reach above $10,000 before the year’s end.

Michaël van de Poppe, a well-known cryptocurrency analyst with a massive following of over 700,000 on microblogging platform X (previously Twitter), expressed positivity regarding Ethereum’s future price movement. He pointed out that ETH appears to be heading towards a more robust support level and stated that “excellent times lie ahead within the next few weeks.” Van de Poppe further commented that Ethereum is nearing the completion of its correction phase.

Ethereum is nearing completion of its correction with approximately 10% left to drop before hitting significant support at the next higher time frame. Look forward to better days within the upcoming few weeks.

— Michaël van de Poppe (@CryptoMichNL) May 15, 2024

At present, Ethereum is priced at $2,975 during this writing, representing a 2% decrease in value over the last day. Conversely, it has remained unchanged over the past month. In contrast, Bitcoin ($BTC) experienced a decline of 0.3% in the previous 24 hours but saw a surge of 8% over the past 30 days.

Despite the cautious views of some cryptocurrency analysts, CryptoYoddha argues boldly that Ethereum could reach above $10,000 by year-end.

#Ethereum will rally above $10,000 till the EOY

— Yoddha (@CryptoYoddha) May 13, 2024

According to reports, renowned analyst Ali Martinez has indicated that the TD Sequential indicator is signaling a “buy opportunity” on Ethereum’s daily price chart. This potential buying occasion could lead to a rebound of approximately one to four candlesticks for Ethereum.

The TD Sequential indicator, created by Tom DeMark, is widely used among traders and market analysts to identify potential buying or selling opportunities. This tool helps forecast when a trend might reach its end and potentially reverse direction.

As a researcher studying financial markets, I examine price charts that depict sequential numbers representing specific criteria derived from an asset’s closing prices over a defined period. When this indicator triggers a “buy” signal, it suggests that the asset’s price is poised for growth, providing investors with a potential entry point into the market.

Read More

2024-05-17 05:33