Can Ethereum Touch $4,000? Crypto Analyst Says ETH Rally Far From Over
February 27 2024 - 12:00PM
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Like Bitcoin, Ethereum has also picked up steam, with the
second-largest crypto token crossing the $3,000 resistance level
for the first time since 2021. Interestingly, this crypto analyst
believes the rally is far from over, as he highlighted a key price
level that ETH could hit soon enough. Ethereum Could Rise To
As High As $4,000 Crypto analyst Altcoin Sherpa suggested in an X
(formerly Twitter) post that Ethereum could rise to as high as
$4,000. His prediction looks feasible when one considers crypto
analyst Bitcoin Ape’s recent analysis of Ethereum from a technical
analysis perspective. Related Reading: Crypto Analyst
Predicts Dogecoin Parabolic Breakout Above $3.5, Here’s When In his
X post, Bitcoin Ape noted that the ADX (average directional index)
indicator is currently “very high,” signalling that ETH’s bullish
trend is strong. Indeed, this bullish momentum might be very strong
as the crypto token has since crossed the $3,130 price level, which
Bitcoin Ape highlighted in his post as ETH’s new resistance
level. Interestingly, the analyst noted that Ethereum had
already faced four resistance levels in February alone and has so
far broken all of them, having also crossed the $3,130 mark.
Although Bitcoin Ape failed to give his short-term prediction for
ETH, he expects the crypto token to hit its all-time high (ATH) of
$4,891 when the bull run returns in full force.
Meanwhile, Altcoin Sherpa isn’t the only one who believes that ETH
could rise to $4,000 soon enough. Standard Chartered Bank had also
predicted that the crypto token would hit this price level by the
time the Spot Ethereum ETF is approved in May. Crypto analyst
Rager also recently gave a bullish prediction for ETH’s price,
although he put his short-term target at $3,500. However, he added
that this price level is only the beginning, stating that it isn’t
the “peak high by any means.” Ethereum’s Rally Not Hinged On
Bitcoin’s Success There is reason to believe Ethereum’s current
bullish momentum isn’t due to Bitcoin’s price surge, as the
Ethereum ecosystem also has narratives that may be driving ETH’s
rally. For one, the Ethereum network’s ‘Dencun’ upgrade is set to
take place on March 13. This much-anticipated event is significant
as it would usher in advancements in the scalability, security, and
usability of the Ethereum network. Related Reading: Bitcoin Spot
ETF Jitters Subside: Grayscale Outflows Drop To New Lows Meanwhile,
talks about a Spot Ethereum ETF likely being approved in May have
created a lot of excitement for investors who have chosen to double
down on their investments in the second-largest crypto token in
anticipation of this happening. The increased interest in ETH
is expected to spark significant rallies in its price ahead of the
May deadline, when the SEC will have to approve or deny VanEck’s
Spot Ethereum ETF application. ETH bulls maintain hold above $3,200
| Source: ETHUSD on Tradingview.com Featured image from Bitcoinist,
chart from Tradingview.com
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