Crypto Pundit Predicts Ethereum Price Rise To $3,000, But A Crash Could Happen First
August 26 2024 - 4:30PM
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Crypto analyst CrediBULL Crypto has provided deep insights into
what to expect from the Ethereum price action going forward. The
analyst predict that the second largest crypto token by market cap
will still rise to $3,000 but noted that a crash will happen
first. Ethereum To Rise To $3,000 Soon Enough In an X
(formerly Twitter) post, CrediBULL Crypto shared a chart that
showed that Ethereum would rise to $3,000 sometime in September.
However, the analyst’s chart also showed that Ethereum will drop
below $2,500 before it enjoys this move to the upside. CrediBULL
Crypto did well to explain why he believes that ETH’s price will
follow such a trajectory. Related Reading: Cardano Investors
React To 14% ADA Price Surge To $0.37 According to the analyst,
Bitcoin will likely pull back soon, giving altcoins like Ethereum a
“nice reset.” He stated that Ethereum’s first downside target is
around $2,300 and $2,500. CrediBULL Crypto added that Ethereum will
target range lows if it loses that range. However, the crypto
analyst remarked that the ideal move is for Ethereum to drop to
this first downside target and then bounce from there for another
leg up, pushing it into the higher timeframe resistance at $3,000
before the “final” crash. Meanwhile, CrediBULL Crypto again noted
that this projected move depends on Bitcoin’s price action.
As such, he warned that if Bitcoin “melts harder,” then ETH will
likely lose the range between $2,300 and $2,500 and drop lower. On
the other hand, if Bitcoin simply corrects “midway,” then Ethereum
will see a bounce in that range and enjoy another higher high,
which he highlighted on the chart. Based on this chart setup,
CrediBULL Crypto warned that opening fresh longs on altcoins like
Ethereum at their current price level is a bad idea. There is no
doubt that crypto bulls may be tempted to make such a move, seeing
as Bitcoin achieved a successful breakout above $60,000 over the
weekend and looks ready for another massive rally to the
upside. The Real Fun Hasn’t Began For ETH Crypto analyst
Cousin Crypto suggested that the “fun” is yet to start for Ethereum
and that a massive rally is still on the horizon for the crypto
token. Based on the chart he shared, Ethereum is still set to rise
above $5,000 in this bull run and could begin the rally to this
price level next month. Related Reading: The Shiba Inu
Shibarium Suffers 97.6% Crash In Active Accounts, What’s Going On?
Crypto analyst Poseidon echoed a similar sentiment, remarking that
the “expansion” will begin once Ethereum flips $3,000. This
expansion will take Ethereum as high as $5,200, a price level the
analyst predicted the crypto token could reach by October. Such a
price rally will mark a new all-time high (ATH) for EtheETHreum,
whose ATH is currently at $4,800. At the time of writing,
Ethereum is trading at around $2,7030, down almost 1% in the last
24 hours, according to data from CoinMarketCap. Featured
image created with Dall.E, chart from Tradingview.com
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