Ethereum

Based

mirror

<p>The post <a href="https://coinpedia.org/news/top-analyst-predicts-ethereum-eth-price-to-skyrocket-92-in-16-days-heres-why/" rel="noopener noreferrer nofollow">Top Analyst Predicts Ethereum (ETH) Price to Skyrocket 92% in 16 Days, Here’s Why</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The U.S. Securities and Exchange Commission (SEC) has <a href="https://coinpedia.org/news/big-win-for-ethereum-as-the-sec-approved-spot-ethereum-etfs/" rel="noopener noreferrer nofollow">approved eight spot Ethereum ETFs</a>, sparking speculation and excitement within the crypto community. Drawing parallels to Bitcoin’s past performance, a prominent crypto analyst predicts a 92% surge in Ethereum’s price over the next 16 days from its current level of $3,632.</p>
<h2 class="wp-block-heading" id="h-eth-price-to-surge-by-92">ETH Price To Surge By 92%</h2>
<p>Following the approval, Ethereum’s price has shown both volatility and resilience dropping straight from $3880 to $3632, reflecting a 4.45% decrease in its price. However, the initial Ethereum market response may mirror Bitcoin’s past, with potential short-term drops followed by substantial gains</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">After the approval of the <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> ETF on jan.10th it took 16 days and a 21% price drop before a 92% rally. <br><br>Give the approval of the <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ETH</a> ETF some time<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cryptocurrency</a> <a href="https://t.co/9dfkuqvMWz" rel="noopener noreferrer nofollow">pic.twitter.com/9dfkuqvMWz</a></p>— Michiel de Ruyter (@Crypto_RuyterNL) <a href="https://twitter.com/Crypto_RuyterNL/status/1793902293735395554?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>On January 10th, the Bitcoin (BTC) ETF was approved, marking a significant milestone for the cryptocurrency market. However, the immediate aftermath wasn’t an instant surge. Instead, Bitcoin experienced a 21% price drop over the subsequent 16 days.&nbsp;</p>
<p>This initial decline was a precursor to a remarkable 92% rally, showcasing the market’s volatility and eventual growth potential.</p>
<h2 class="wp-block-heading" id="h-critical-demand-zone-3-820-3-700">Critical Demand Zone: $3,820 – $3,700</h2>
<p>Ethereum’s price movements are under scrutiny, especially with the recent Ethereum ETF approval. Crypto analyst Ali Martinez has highlighted critical demand zones based on Input/output of Money Around Price (IOMAP) data, providing valuable insights into potential support levels for Ethereum amid increasing market volatility.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Based on the IOMAP, over 1.81 million addresses bought around 1.66 million <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> between $3,820 and $3,700. This demand zone could keep <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a>’s price at bay amid increasing selling pressure. <br><br>But if it fails to hold, the next key area of support is between $3,580 and $3,462,… <a href="https://t.co/grSHL4w4Gj" rel="noopener noreferrer nofollow">pic.twitter.com/grSHL4w4Gj</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1793913549929996776?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Ali Martinez points out that, according to IOMAP data, over 1.81 million addresses purchased approximately 1.66 million ETH in the price range of $3,820 to $3,700. This significant support level, characterized by substantial buying activity, could act as a buffer against sharp declines.</p>
<h2 class="wp-block-heading" id="h-ethereum-price-to-drop-if">Ethereum Price To Drop, If?</h2>
<p>However, Martinez warns that if Ethereum’s price fails to hold above the $3,700 mark, the next crucial area of support lies between $3,580 and $3,462. In this zone, around 3.13 million addresses have acquired over 1.50 million ETH. This secondary support level is pivotal in preventing a more substantial downturn if the price continues to drop.</p>
<p>As of now, Ethereum is <a href="https://markets.coinpedia.org/ethereum/" rel="noopener noreferrer nofollow">trading at $3,632.11</a>, reflecting a 4.42% decline in the last 24 hours. Despite this drop, ETH trading volume has surged by 94%, bringing its market cap to $440 billion.</p>

Top Analyst Predicts Ethereum (ETH) Price to Skyrocket 92% in 16 Days, Here’s Why

Table of Contents

CoinPedia News

Other articles published on May 24, 2024

James Evaluates the Latest Ethereum ETF Approval

Solana Price Prediction: Is a Trend Reversal on the Horizon?

Best Cryptos to Buy: BlockDAG’s Dashboard Upgrade And $32.4M Presale Overtakes Dogecoin Trends & ...

Trader Says Top-10 Altcoin Primed To Surge 500% ‘Eventually,’ Updates Outlook on Ethereum and Pepe

Ramalan Harga Bitcoin Jadi US$250 Ribu, Prospek ETF Solana, dan Cerita Sukses Presale Furrever Token

Unlike Bitcoin, SEC Chief Gary Gensler Didn't Vote On Spot Ethereum ETF Approvals

Join our free newsletter for daily crypto updates!