A crypto analyst, known as ‘Yoddha,’ has recently made a daring prediction for Ethereum (ETH), setting the timeline for when the world’s second-largest cryptocurrency would embark on a significant rally to new all-time highs above $10,000. According to Yoddha, Ethereum is expected to rally massively after a period of accumulation and decline, continuously rising above $10,000 by the end of the year. This bold prediction is based on historical trends exhibited by Ethereum from 2016 to 2024.
Yoddha shared a chart depicting Ethereum’s price action over the years, highlighting periods of accumulation, interim peaks, and volatility. From 2019 to 2021, Ethereum witnessed a period of accumulation marked by multiple price fluctuations, including long declines and short rallies. Following this, Ethereum surged significantly, reaching a peak of $4,867 towards the end of 2021, aligning with the cryptocurrency’s all-time high of $4,878 achieved during the previous bull market cycle in 2021.
Based on these historical trends, Yoddha identified a similar accumulation phase in Ethereum’s price movements during the current market cycle. From 2022 to early 2024, Ethereum experienced an accumulation and slightly bearish phase. Prior to reaching a record high of $4,088 on March 12, 2024, Ethereum had experienced a bearish trend in 2022 and 2023, facing declines on several occasions in 2024, especially around April and May.
Yoddha has indicated that Ethereum has successfully concluded this accumulation and bearish period and is on track to witness a massive rally towards $15,346, extending into the end of 2024. Additionally, Yoddha has consistently emphasized the impending launch of the highly anticipated altcoins season in 2024, predicting that 2024 could issue the biggest altcoins season encompassing healthy pullbacks and new all-time highs.
Presently, the price of Ethereum is trading at $3,024, reflecting a 1.58% decline over the past month, according to CoinMarketCap. A surge above $10,000 will require the cryptocurrency to jump by more than $7,000, fueled by a notable uptick in investor demand and interest in the cryptocurrency, as well as the potential introduction of an Ethereum Spot ETF in 2024.
Crypto analyst, Ali Martinez, has revealed that currently, Ethereum’s TD Sequential is presenting a “buy signal” on ETH’s daily price chart. He predicts that Ethereum could witness a rebound of one to four candlesticks from its recent price drop. This analysis adds another layer of insight into the potential future price movements of Ethereum.
The bold prediction made by Yoddha presents an optimistic outlook for Ethereum, suggesting a significant rally to new all-time highs above $10,000. However, it is essential to approach such predictions with caution and consider various factors that could influence the price of Ethereum in the coming months. Investors and enthusiasts alike will undoubtedly be keeping a close eye on Ethereum’s price movements as we progress through 2024.
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