Ethereum Rally Looms: Analyst Predicts ETH’s Next Stop Is $5,300
May 22 2024 - 11:00AM
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Titan of Crypto, a well-known cryptocurrency trader and expert, in
a daring prediction that has drawn the attention of the crypto
community, forecasting an impending significant rally for Ethereum
(ETH) to unprecedented heights while putting his next price target
for the crypto asset at the pivotal $5,300 level. The analyst’s
prognosis indicates that Ethereum, fueled by favorable market
circumstances and rising investors’ confidence, is poised for
massive gains. This forecast comes at the heel of ETH’s recent
robust price performance and increasing market optimism. Ethereum
Path To Massive Rally In February, Titan of Crypto hinted at the
formation of a Bullish Cypher Pattern on Ethereum‘s weekly chart.
“Just like for Bitcoin, a bullish cypher pattern is currently
playing out on ETH weekly chart as well,” he stated. Related
Reading: Ethereum Price Rally: Far from Over, More Gains Ahead! Due
to this, the expert pointed out several targets for the asset to
reach in the near term, such as $2,410, $2,881, $3,353, and $4,024,
indicating a 38.20%, 50.00%, 61.80%, 78.60% upswingm respectively,
from the current price then. Earlier this month, Titan of Crypto
noted that the bullish cypher pattern has successfully developed,
and the aforementioned price targets have all been achieved,
suggesting a substantial rally is on the horizon. At that time, the
crypto expert underscored that ETH was at the 38.2% Fibonacci
retracement level, which he also dubbed the 1st stop ($2,880).
Should the coin manage to sustain this level, Titan of Crypto
anticipates a move on the upside from the level. However, today, as
predicted by the expert, Ethereum performed a flawless recovery
from the 1st stop ($2,880) point. As a result, the crypto asset is
currently forming a bull flag pattern on the weekly timeframe,
citing $5,300 as the next price target for ETH to reach.
However, this is not the final destination, suggesting the
potential for Ethereum to surge even higher in the upcoming months.
With ETH displaying strong price performance, it could mean that
the Altcoin season could be coming into play in the near future.
Indicator That Suggests A Price Correction On The Downside Although
Titan of Crypto anticipates a massive rally for ETH, Ali Martinez
has underlined the potential for the asset to decline soon.
According to Ali Martinez, the TD Sequential indicator on
Ethereum’s 4-hour timeframe on May 15, previously displayed a
promising buy signal. This development practically led to a 32%
rise in the price of Ethereum. Related Reading: Expert Sets
Timeline For When Ethereum Price Will Begin Rally To $10,000
However, now that the ETH Spot Exchange-Traded Funds (ETFs) are
generating so much buzz, the indicator has transitioned to a sell
signal. Consequently, Ali Martinez predicts a downward correction
of one to four candlesticks. At the time of writing, ETH had
increased by over 28% in the past week, trading at around $3,728.
Despite the recent price momentum, the asset’s market cap and
trading volume are down by 1.56% and 28%, respectively. Featured
image from iStock, chart from Tradingview.com
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