Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction
10 September 2024 - 9:00AM
NEWSBTC
Ethereum (ETH) has been struggling with a significant downturn
recently, leaving the asset deep in the red. Over the past week,
Ethereum has recorded a 9.2% decline in value, reflecting broader
market weakness. However, the past 24 hours have brought a slight
change in momentum, with ETH seeing a 3.2% increase in price.
Though this uptick is not enough to erase the previous week’s
losses, it may signal the beginning of a recovery phase. Related
Reading: Ethereum Price Recovery May Stall Near 100-SMA: Is a Drop
Coming? Is Ethereum At The End Of Its Correction According to the
latest analysis from renowned crypto analyst Alex Clay on X,
Ethereum might be gradually recovering because its recent bearish
market might be concluding. He emphasized that if ETH can maintain
consolidation above key technical zones, specifically the 200-day
moving average (MA) and 200-day exponential moving average (EMA),
it would provide a strong foundation for an upward rally. A
significant price break above the $2,500 mark could confirm that
the correction has ended and the asset is primed for recovery.
Furthermore, while Clay had previously been optimistic about
Ethereum reaching a much higher price target, he has revised his
expectations based on recent market conditions. #ETH/USD Imo we are
at the end of the $ETH correction💁♂️ Looking for some
consolidation above the Key Zone + 200 MA & 200 EMA confluence
Break above $2500 will serve a confirmation of the beginning of the
rally🚀#Ethereum turned to be a heavy asset so $10k target is
rather… pic.twitter.com/jjGPPUHWE3 — Alex Clay (@cryptclay)
September 9, 2024 Clay noted: “Ethereum turned to be a heavy asset,
so $10k target is rather a dream than reality so I changed my
mind.” For now, the analyst has set more realistic targets, with a
mid-term goal of $4,000 and long-term targets ranging from a
conservative $6,255 to an optimistic $7,942. Other Analysts Eye
Falling Wedge Pattern As Key Indicator Aside from Clay’s analysis,
Ethereum’s technical chart has been the focus of several prominent
analysts, including Anup Dhungana and Captain Faibik, who have
recently identified the potential for a bullish breakout for ETH.
For instance, Dhungana’s ETH/BTC chart
analysis suggests that a rebound from key support levels
and a break from the falling wedge pattern could significantly
increase Ethereum’s price. For context, falling wedges are
generally viewed as bullish reversal patterns in technical
analysis, and confirming a breakout could signal an exponential
upward trend. Related Reading: Ethereum Forms Falling Wedge Pattern
That Could Send Price To $3,000 Similarly, Captain Faibik echoed
this sentiment, sharing an image of altcoin market chart that also
displayed a falling wedge formation. Faibik predicted that altcoins
could break out of the wedge pattern shortly, potentially pushing
major altcoins, including ETH, toward a recovery in the fourth
quarter of 2024. He advised investors to remain patient, accumulate
altcoins, and prepare for a bounce back that could see prices
return to their March 2024 highs. Featured image from DALL-E, Chart
from TradingView
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