Here’s how ETH/USD will reach $4k
Ease up, too much tension in the market of late! The alt season is finally with us.
On the driving seat, Ethereum, the father of altcoins, is finally decoupling from Bitcoin.
So much to talk about Ethereum, smart contracting, DeFi, Ethereum killers, NFTs, and whatnot.
But we all tend to circle back to what matters: Price.
Speculators or not, a respected crypto analyst on Trading View is over the moon. Yes, ETH/USD reached new highs on Apr 22, printing above $2.5k.
Alan Masters assesses the following from ETH/USD price charts: If ETH breaks $2.5k, be ready for prices to reap above $3.2k towards $4k.
And here is what he sees from price charts: Favorable candlestick arrangement.
The analyst thinks Ethereum technicals in the weekly chart are superbly laid out, meaning there is more room for growth.
What’s remarkable is that the ETH/USD bears haven’t retested and broken the EMA 10 since Apr 2020.
This is despite last week’s shocks that temporarily disrupted the uptrend, forcing prices back to $2.1k.
The surge of Apr 22 at the back of renewed interest from investors across the board squarely places ETH prices above the EMA 10 support, a reason to be bullish and expect a rally towards $3.2k and $4k in the medium term.
Ethereum will go Parabolic and reach $10k
A trader going by the name Junie757 says ETH price can reach $10k in the next few months.
He didn’t just guesstimate.
The technical analyst makes his case from weekly technical charts.
Therein, he points to the stochastic indicator–one of the popular cryptocurrency technical indicators in the world.
The stochastic indicator has printed a buy signal deep in the oversold territory in the weekly chart and is bottoming up.
And when this happens, he explains, the ETH price usually does a 5 to 70X. He nonetheless remains conservative, projecting ETH/USD to do a 3 to 5X, placing the coin at around $10k.
Junie757 also says the alt season is here, and two things will happen:
- First, Bitcoin dominance will reduce. Already, because of the state of Bitcoin prices over the last few days, dominance has fallen to around 50 percent from about 60 percent of Feb 2, investors will channel their money to altcoins. Being the number#1 altcoin, most funds will go to ETH.
- Second, a growing number of analysts think ETH is sound money and a better store-of-value, a case of why it will flip BTC in months ahead.
If that’s the case, Junie757’s prognosis will come true as ETH/USD soars.
ETH/BTC: A Huge Possibility for $7.5k
Back to Twitter, and Raoul Pal is “brutally honest” in a bullish way. This time on Ethereum and how ETH bulls would likely shred BTC in weeks and months ahead.
To be brutally honest, I stare at the chart of ETH/BTC and I see an enormous rounded bottom with potentially huge breakout just above…. pic.twitter.com/85hfawq0bx
— Raoul Pal (@RaoulGMI) April 21, 2021
All of his focus is on the ETH/BTC chart.
He’s not alone.
Many analysts always point to this chart, explicitly referring to the weekly chart to explain how undervalued ETH is versus BTC.
Indeed, ETH seems to be bottoming up against BTC.
Interestingly, the price action of this week reveals this misalignment. ETH is stronger fundamentally while BTC is running out of legs. Bitcoin bulls appear exhausted.
However, that’s not the point for now.
According to Raoul, the ETH/BTC chart has developed “an enormous rounded bottom.” It could break higher, especially now that Ethereum is “growing at 100 percent YoY (vs. 50 percent YoY for BTC).”
In this case, he adds that ETH can race above ETH/BTC peaks of 0.12 BTC.
At spot rates that will require a 3X, translating the same to the ETH/USD chart, Raoul thinks ETH prices can reach $7.5k.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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