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Ethereum To $10,000: Analyst Reveals Mid & Long-Term ETH Targets
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Ethereum To $10,000: Analyst Reveals Mid & Long-Term ETH Targets

Keshav Verma
Keshav Verma
6 months ago
2 mins read
Ethereum

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An analyst has placed these mid-term and long-term targets for Ethereum based on an Ascending Parallel Channel that has been forming in its weekly price.

Ethereum Has Been Traveling Inside An Ascending Channel For A While Now

In a new post on X, analyst Ali Martinez has discussed where ETH could be heading next based on a pattern forming in its weekly price chart. The pattern in question is the Ascending Channel from technical analysis, which is a type of Parallel Channel.

A Parallel Channel is made up of two parallel trendlines between which the price of the asset consolidates. The upper line of the pattern is created by joining together successive tops, while the lower one connects bottoms.

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When the coin is inside the channel, it’s likely to feel resistance at the former level and support at the latter. A break out of either of these lines can imply a continuation of the trend in that direction.

The usual Parallel Channel is also parallel to the time-axis. When it’s not, it’s either an Ascending Channel or a Descending Channel. As their names already suggest, the former involves parallel trendlines that are slopped upwards, while the latter has a decline.

This means that these patterns capture consolidations towards the upside and the downside, respectively. Ethereum has been stuck inside one such pattern recently, as the 1-week price chart for the cryptocurrency shared by the analyst highlights.

Ethereum Ascending Channel
ETH has recently been going up after a rebound from the lower line | Source: @ali_charts on X

As is visible in the above graph, the Ethereum weekly price has been moving inside an Ascending Channel for a couple of years now. The asset retested the lower level of the pattern earlier in the year and successfully found support at it, thanks to which its price has been able to see a sharp bullish rebound.

The coin is now about halfway through the channel, which means there is plenty of distance to go before a retest of the upper level. However, the asset can still find resistance here. “If #Ethereum $ETH experiences a pullback, keep an eye on the $3,300 support level — a potential buying opportunity,” notes Martinez.

The last time ETH broke past the midway point of the channel was in the first quarter of the year, when the coin went all the way to the upper level. Thus, if Ethereum can overcome this challenge, it’s possible that it may witness a similar rally this time as well.

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“Our mid-term target remains $6,000, with a long-term outlook of $10,000!” explains the analyst. From the current price, a potential surge to the first of these targets would imply an increase of 62%, while that to the second one would be 170%.

ETH Price

At the time of writing, Ethereum is trading at around $3,700, up almost 8% over the last week.

Ethereum Price Chart
Looks like the price of the coin has been consolidating in recent days | Source: ETHUSDT on TradingView
Featured image from Dall-E, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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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
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