Despite the lackluster performance of Ethereum (ETH) prices, recent insights from leading crypto analysts suggest that the asset may be on the brink of a significant upward movement.
In a recent tweet on X, prominent crypto analyst Javon Marks has presented an upbeat outlook for Ethereum, indicating the possibility of a price increase reminiscent of a pattern observed in 2023.
Crucial Price Level to Monitor for a Surge to $8,100?
Marks notes that Ethereum is on track to repeat a previous pattern that resulted in a surge exceeding 160%. In his post on X, he mentions, “ETH appears to have mirrored a pattern from 2023 that resulted in over +165% growth, and it seems to be ‘GO TIME’ once more.”
He has set a target price of $4,723.5, asserting that a break above this level could open the door for Ethereum to exceed $8,100. This forecast implies that Ethereum’s value could nearly double if this trend holds.
$ETH (Ethereum) seems to have duplicated a pattern from 2023 that led to an over +165% increase, and it’s looking to be “GO TIME 
” again!
2023 appears to have set the stage for another massive upward movement that could soon occur in this crypto market.
Target is at $4,723.5… pic.twitter.com/a1ePw6wpF3
— JAVON
MARKS (@JavonTM1) September 15, 2024
In spite of this positive outlook, Ethereum’s recent market behavior has exhibited bearish trends. Within just 24 hours, ETH has dropped by 4.5%, causing its price to dip below the $2,400 mark—a threshold it briefly surpassed over the weekend.
Ethereum Price: A Dual Perspective
While Javon Marks’ analysis leans towards a bullish perspective for Ethereum, other market analysts have pointed out the essential support levels that the cryptocurrency needs to maintain to avoid further setbacks.
Well-known crypto analyst Ali has identified a key support range between $2,290 and $2,360. He emphasizes that this zone is crucial since approximately 1.90 million addresses hold about 52.30 million ETH there.
Ali cautions that if Ethereum cannot sustain this support, a sell-off may follow, potentially pushing the price toward the $1,800 range.
It is important to note that a drop below this range would have serious implications for the ETH market, triggering significant liquidations and negating bullish forecasts, resulting in an additional downward trend and significant changes in market sentiment.
Key support for #Ethereum rests between $2,290 and $2,360, where 1.90 million addresses hold ~52.30 million $ETH. A breach of this demand zone could lead to a sell-off pushing #ETH down to $1,800. pic.twitter.com/ubP9ZZd8H0
— Ali (@ali_charts) September 15, 2024
Featured image created using DALL-E, Chart from Tradingview
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