Cryptocurrency investors had a pleasant weekend. The rise in altcoins brought smiles. Especially gaming-focused cryptocurrencies experienced impressive increases, dispersing the pessimistic atmosphere in the market. With the dispersal of the pessimistic atmosphere, expectations reached their peak. This situation led analysts to make new predictions about cryptocurrencies. One of these analysts is Jelle.
Analyst Reveals Prediction for Ethereum
The reason the market was active over the weekend is due to Ethereum‘s approximately one thousand dollar increase in recent weeks. After this increase, everyone expected a rise in other cryptocurrencies as well. We saw the increase led by Ethereum happen over the weekend. However, there are also expectations for the continuation of this rise.
Analyst Jelle believes that Ethereum, the leader in altcoins, is preparing for another test area. According to the analyst, ETH is already preparing for another test at $4,200.
Highlighting the weekend, Jelle pointed out that Ethereum spent this time period above the key support. Referring to ETFs, the analyst believes that Ethereum will achieve a significant rise with upcoming news and surpass the $4,200 level.
What is the Current Ethereum Price?
As of writing, Ethereum’s price is trading at $3,817. If Ethereum reaches the $4,200 level indicated by the analyst, it will have achieved an approximate 10% increase. However, the critical resistance at $3,900 must be surpassed first.
As in the process so far, the primary driving force for a price increase in ETH will be the launch of spot Ethereum ETFs. It is noted that the impact of millions of dollars flowing into these ETFs could be very different on Ethereum’s price.
Primarily, Ethereum needs to surpass its peak level of $4,868. After that, it is stated that Ethereum could quickly surpass $6,000 and reach $8,000. Although these targets are given, we can say that the future is bright for altcoin ETH. Because we haven’t even started talking about the more important catalyst, the Fed’s interest rate cuts.
