Cryptocurrency analyst ‘Yoddha’ has made a bold prediction regarding the future of Ethereum, setting a timeline for when the world’s second-largest cryptocurrency could surpass $10,000 in value. According to Yoddha, Ethereum is expected to undergo a significant rally after a period of accumulation and decline, ultimately reaching above the $10,000 mark by the end of the year. This prediction is based on historical trends observed in Ethereum’s price action from 2016 to 2024, as highlighted by Yoddha.
Yoddha’s analysis reveals that Ethereum experienced a period of accumulation from 2019 to 2021, characterized by multiple price fluctuations, including both long declines and short rallies. Following this phase, Ethereum saw a substantial surge, reaching a peak of $4,867 towards the end of 2021, aligning closely with the cryptocurrency’s previous all-time high of $4,878 during the 2021 bull market cycle.
Examining the current market cycle, Yoddha identified a similar accumulation phase in Ethereum’s price movements from 2022 to early 2024, with a slightly bearish trend. Despite facing declines in 2022 and 2023, Ethereum reached a record high of $4,088 on March 12, 2024. Yoddha believes that Ethereum has now concluded this phase and is poised for a substantial rally towards $15,346 by the end of 2024.
In a separate analysis, Yoddha suggested that Ethereum could lead the upcoming altcoin season, highlighting the diminishing hype surrounding meme coins. The analyst anticipates the biggest altcoin season in 2024, characterized by healthy pullbacks and new all-time highs. Presently, Ethereum is trading at $3,024, reflecting a 1.58% decline over the past month. To reach above $10,000, Ethereum would need to surge by over $7,000, driven by increased investor demand and interest, as well as the potential introduction of an Ethereum Spot ETF in 2024.
Crypto analyst Ali Martinez has pointed out that Ethereum’s TD Sequential is currently signaling a “buy signal” on ETH’s daily price chart. Martinez predicts a potential rebound of one to four candlesticks following Ethereum’s recent price drop, indicating a positive outlook for the cryptocurrency’s short-term performance.
While Yoddha’s prediction for Ethereum’s surge above $10,000 may seem ambitious, it is based on a thorough analysis of historical trends and market movements. With factors such as investor interest, market sentiment, and the introduction of new financial products potentially influencing Ethereum’s price trajectory, it will be interesting to see how the cryptocurrency unfolds in the coming months.
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