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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings
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Breaking News: Tether Faces Downgrade By S&P Global Amid Concerns Over Disclosure And Assets Holdings

Ethereum Price Ready For 75% Breakout To $4,723, Here’s Why

Scott Matherson
Scott Matherson
Last Updated: August 14, 2024 12:30 am
4 mins read
Ethereum

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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. 

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Ethereum 1
Source: X

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 2
Source: X

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%. 

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Ethereum 3
Source: X

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. 

Ethereum price chart from Tradingview.com
ETH price at $2,550 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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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
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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