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

Samuel Edyme
Samuel Edyme
8 months 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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8 months ago

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

8 months 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

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

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