Ethereum

Rally

Spot

Titan of Crypto, a well-known cryptocurrency trader and expert, in a daring prediction that has drawn the attention of the crypto community, <a href="https://x.com/Washigorira/status/1793205597518647587" target="_blank" rel="noopener nofollow">forecasting</a> 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. 
<h2 id="ethereum-path-to-massive-rally">Ethereum Path To Massive Rally</h2> In February, Titan of Crypto hinted at the formation of a Bullish Cypher Pattern on <a href="https://www.newsbtc.com/news/ethereum/ethereum-price-up-20-today/" target="_blank" rel="noopener ">Ethereum</a>‘s weekly chart. “Just like for Bitcoin, a bullish cypher pattern is currently playing out on ETH weekly chart as well,” he stated. 
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. 
<img loading="lazy" decoding="async" class="size-medium wp-image-609292" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=460&amp;resize=460%2C294" alt="Ethereum" width="460" height="294" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=3224 3224w, https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=460&amp;resize=460%2C294 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2024/05/Titan-of-Crypto-Ethereum-Chart.jpg?w=3000 3000w" sizes="(max-width: 460px) 100vw, 460px" data-recalc-dims="1"> 
At that time, the crypto expert underscored that <a href="https://www.newsbtc.com/news/whale-watch-ethereum-fresh-buy-signal-sparks-speculation/" target="_blank" rel="noopener ">ETH</a> 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.&nbsp; 
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 <a href="https://www.newsbtc.com/altcoin/altcoin-season-heres-what-glassnode-data/" target="_blank" rel="noopener ">Altcoin season</a> could be coming into play in the near future. 
<h2 id="indicator-that-suggests-a-price-correction-on-the-downside">Indicator That Suggests A Price Correction On The Downside</h2> 
Although Titan of Crypto anticipates a massive rally for ETH, Ali Martinez has <a href="https://x.com/ali_charts/status/1792933644127859070" target="_blank" rel="noopener nofollow">underlined</a> the potential for the asset to decline soon.&nbsp; 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. 
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 <a href="https://www.newsbtc.com/news/ethereum/bulls-ethereum-longs-biggest-candle-etf-news/" target="_blank" rel="noopener ">candlesticks</a>. 
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. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/XiwjvRX9/" alt="Ethereum" width="2283" height="1351">

Ethereum Rally Looms: Analyst Predicts ETH’s Next Stop Is $5,300

목차

NewsBTC

2024년 5월 22일에 게재된 다른 기사

Cardano Battles to Break $0.500 Barrier

Sekuya’s IDO on SingularityDAO 100% Sold Out in 2 Minutes! Set to List on 2 of Global Top 11 Cryp...

Ethereum (ETH) Hits New ATH: Details

Elevate Your Wealth: Turn $200 into $200,000 with Bitgert Coin

Every 96th person on the planet currently owns at least $1 in Bitcoin

Ethereum rally stalls at $3.8K — Is SEC ETH ETF decision already priced in?

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!