Grab Ethereum Now? Expert Says Next Stop Could Be $10,000 After ‘Final Drop’
06 November 2024 - 4:00PM
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Ethereum analysts are keeping a close look at the altcoin, which is
stuck in a long downtrend. Some call for major upward breakout and
others keep a cautious stance, warning to expect this downtrend
will continue. Ali Martinez, a crypto analyst, is optimistic about
the coin’s price trajectory, stating Ether would hit $10,000 in the
coming bull run. Related Reading: Six Months, $1 Billion: TON
Network’s Explosive USDT Adoption Milestone Martinez, whose
research often links ETH with more general market movements, has
compared Ethereum’s rise with that of the S&P 500, suggesting
that a similar breakout might be just ahead. Nevertheless, not all
individuals are satisfied with this optimistic outlook. Peter
Brandt, another crypto expert, maintains an alternative
perspective. Brandt, who is renowned for his technical expertise
and precise predictions, has issued a cautionary note regarding a
robust bearish pattern on the daily chart of ETH. In his most
recent analysis, he emphasizes a “bearish flag”—a descending
channel—that he believes indicates potential additional downside
risk. The Stock Market Connection Martinez has grounded his case on
the historical relationship between Ethereum and the S&P 500
(SPX). Examining ETH in tandem with SPX Martinez noted that both
assets had a bottom in late 2022 and kept an increasing trend until
2023. #Ethereum $ETH has been mimicking the S&P500, and this
could be the last dip before it triples and hits $10,000!
pic.twitter.com/BgpbZQXM6I — Ali (@ali_charts) November 4, 2024
Based on the S&P 500 performance recently, he believes this
alignment indicates ETH is preparing for a similar breakout.
Martinez believes ETH might follow a similar trajectory, perhaps
reaching the elusive $10,000 mark as the S&P 500 somewhat sank
after its breakthrough to roughly $5,900. If such a trend is to
follow through, then Ethereum needs a push to around 310% higher
than the market price today. At the time of writing, Ether was
trading at $2,618, up 8% in the last 24 hours. Martinez is cheerful
about it, especially taking into account the development coming
into the broader market perspective, although the objective has a
very steep curve; however, Brandt’s warning is that ETH journey
might not be as facile as envisioned, especially at the emergence
of bearish signals. A Blend Of Signals The on-chain data from
IntoTheBlock indicates that Ethereum holders have a divided
sentiment. At present, nearly 23% of active addresses that hold ETH
are in advantageous positions, which indicates that these holders
are “in the money.” Although this implies that there is support at
a certain level, the break-even level of 60% of the portfolios
implies that the market remains uncertain. The holding by these
individuals will determine how to buy more units or sell them in
case of either a rise or drop in the price of Ethereum during the
next weeks. More Losses Ahead? Veteran trader Peter Brandt warns
that ETH’s bearish trend is severe and improbable to turn around.
Brandt lately saw ETH’s daily chart’s negative predominance and
projected more losses. Interesting to note that there was not a buy
signal in $ETH In fact, chart remains bearish with unmet target at
1551 pic.twitter.com/sjkXyTQXU2 — Peter Brandt (@PeterLBrandt)
October 31, 2024 October 31 saw seasoned analyst Brandt, known for
his accurate forecasts, draw attention to Ethereum’s bearish trend
on X (formerly Twitter). ETH’s one-day chart starting in August has
indicated a declining trend. This “bearish flag” indicates that the
fall will keep on. Brandt saw no Ethereum purchase signals or
momentum changes. His negative view contradicts with the rally
forecasts of speculators. Since the chart shows no reversal, Brandt
thinks ETH’s price may fall below current support levels. Related
Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look
To AI For Survival A Differing Perspective Although both are highly
contradictory in terms of their opinions, the analysis by Martinez
and Brandt of what is likely to happen in the subsequent phases of
Ethereum has revealed such unpredictability. Ether is seen to
continue its rise upward like that of S&P 500 toward $10,000.
On the other hand, a similar cautionary tale given out by Brandt
suggests that even in the future, difficulties may lie ahead due to
the continuous presence of downward forces. Featured image from
DALL-E, chart from TradingView
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