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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Is Ethereum Primed For Surge? Analyst Reveals Key Levels to Watch For A $8,100 Rally

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Is Ethereum Primed For A Surge? Analyst Reveals Key Levels to Watch For A $8,100 Rally

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Regardless of the Ethereum (ETH) price’s unappealing performance, the latest analysis from top crypto analysts in the space predicts that the asset might be on the verge of a parabolic rise.

In a recent post uploaded on X, renowned crypto analyst Javon Marks has laid out an optimistic scenario for Ethereum, suggesting a potential price surge similar to a pattern witnessed in 2023.

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Key Level To Watch For A Rally To $8,100?

According to Marks, Ethereum is poised to replicate a previous pattern that led to a more than 160% surge. In the post on X, he states, “ETH looks to have replicated a pattern from 2023 that led into an over +165% climb, and it’s looking to be ‘GO TIME’ again.”

Marks has set a target price of $4,723.5, adding that a break above this price mark could bring in the possibility of Ethereum reaching above $8,100. This projection suggests a near doubling of Ethereum’s current price if this trend materializes.

$ETH (Ethereum) looks to have replicated a pattern from 2023 that led into an over +165% climb and it’s looking to be “GO TIME 🏁” again!

2023 looks to have been the blueprint for another massive upside that can be soon transpiring in this crypto market.

Target is at $4,723.5… pic.twitter.com/a1ePw6wpF3

— JAVON⚡️MARKS (@JavonTM1) September 15, 2024

Despite this optimistic forecast, Ethereum’s recent market performance has shown bearish tendencies. In the past 24 hours alone, ETH has declined by 4.5%, causing its price to fall below the $2,400 mark—a level it briefly traded above over the weekend.

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

Ethereum Price: On The Flip Side

While Javon Marks’ analysis points towards a bullish future for Ethereum, other market analysts have outlined the critical support zones that Ethereum must hold to prevent further decline.

Ali, another well-known crypto analyst, has highlighted a crucial support range between $2,290 and $2,360. This zone, according to Ali, is significant as it is where roughly 1.90 million addresses hold around 52.30 million ETH.

Ethereum in/out of the money around price.
Ethereum in/out of the money around price. | Source: Ali on X

Ali warns that if Ethereum fails to maintain this support, a sell-off could ensue, potentially driving the price toward the $1,800 level.

Related Reading

Ethereum Price Nosedives Over 5%

Ethereum Price Nosedives Over 5%, Pressure Mounts on Bulls

1 year ago

Notably, a breach below this range would be quite detrimental to the ETH market as it would not only trigger a significant amount of liquidations but also invalidate the bullish predictions and lead to a further downtrend, marking a substantial shift in the market sentiment.

Key support for #Ethereum lies between $2,290 and $2,360, where 1.90 million addresses hold ~52.30 million $ETH. If this demand zone breaks, we could see a sell-off driving #ETH toward $1,800. pic.twitter.com/ubP9ZZd8H0

— Ali (@ali_charts) September 15, 2024

Featured image created DALL-E, Chart from Tradingview

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Samuel Edyme
Samuel Edyme

Samuel Edyme

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

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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