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Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction
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Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction

Samuel Edyme
Samuel Edyme
8 months ago
3 mins read
Ethereum Price Pulls Back

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Ethereum (ETH) has been struggling with a significant downturn recently, leaving the asset deep in the red. Over the past week, Ethereum has recorded a 9.2% decline in value, reflecting broader market weakness.

However, the past 24 hours have brought a slight change in momentum, with ETH seeing a 3.2% increase in price. Though this uptick is not enough to erase the previous week’s losses, it may signal the beginning of a recovery phase.

Related Reading

Ethereum Price Recovery May Stall Near 100-SMA

Ethereum Price Recovery May Stall Near 100-SMA: Is a Drop Coming?

8 months ago

Is Ethereum At The End Of Its Correction

According to the latest analysis from renowned crypto analyst Alex Clay on X, Ethereum might be gradually recovering because its recent bearish market might be concluding.

He emphasized that if ETH can maintain consolidation above key technical zones, specifically the 200-day moving average (MA) and 200-day exponential moving average (EMA), it would provide a strong foundation for an upward rally.

A significant price break above the $2,500 mark could confirm that the correction has ended and the asset is primed for recovery. Furthermore, while Clay had previously been optimistic about Ethereum reaching a much higher price target, he has revised his expectations based on recent market conditions.

#ETH/USD

Imo we are at the end of the $ETH correction💁‍♂️

Looking for some consolidation above the Key Zone + 200 MA & 200 EMA confluence

Break above $2500 will serve a confirmation of the beginning of the rally🚀#Ethereum turned to be a heavy asset so $10k target is rather… pic.twitter.com/jjGPPUHWE3

— Alex Clay (@cryptclay) September 9, 2024

Clay noted: “Ethereum turned to be a heavy asset, so $10k target is rather a dream than reality so I changed my mind.” For now, the analyst has set more realistic targets, with a mid-term goal of $4,000 and long-term targets ranging from a conservative $6,255 to an optimistic $7,942.

Ethereum price chart.
Ethereum price chart. | Source: Alex Clay on X

Other Analysts Eye Falling Wedge Pattern As Key Indicator

Aside from Clay’s analysis, Ethereum’s technical chart has been the focus of several prominent analysts, including Anup Dhungana and Captain Faibik, who have recently identified the potential for a bullish breakout for ETH.

For instance, Dhungana’s ETH/BTC chart analysis suggests that a rebound from key support levels and a break from the falling wedge pattern could significantly increase Ethereum’s price.

ETH/BTC chart.
ETH/BTC chart. | Source: Anup Dhungana

For context, falling wedges are generally viewed as bullish reversal patterns in technical analysis, and confirming a breakout could signal an exponential upward trend.

Related Reading

Ethereum

Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000

8 months ago

Similarly, Captain Faibik echoed this sentiment, sharing an image of altcoin market chart that also displayed a falling wedge formation.

Altcoin market cap chart.
Altcoin market cap chart. | Source: Captain Faibik on X

Faibik predicted that altcoins could break out of the wedge pattern shortly, potentially pushing major altcoins, including ETH, toward a recovery in the fourth quarter of 2024.

He advised investors to remain patient, accumulate altcoins, and prepare for a bounce back that could see prices return to their March 2024 highs.

Ethereum (ETH) price chart on TradingView
ETH price is moving sideways on the 2-hour chart. Source: ETH/USDT on TradingView.com

Featured image from DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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