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The largest altcoin, Ethereum (ETH), is currently at a critical point, and analysts recommend closely monitoring key technical levels that could signal a significant upward movement. Despite deeper-than-expected recent corrections, analysts maintain a bullish outlook on ETH‘s future price.
Two Leading Analysts Agree on Ethereum Rally
Renowned analyst Michael van de Poppe noted that Ethereum recently broke upwards and moved in line with his forecasted scenario. The analyst added that the recent correction was deeper than expected.
Poppe emphasized that for the bullish momentum to continue, Ethereum needs to stay above $2,400. He believes that for the rally to strengthen and a breakout rally to begin, $2,450 must be surpassed.
Another analyst contributing to the positive sentiment for the altcoin king, Yoddha, highlighted that even if Ethereum consolidates for another month, it is preparing for a significant move towards five-digit levels, emphasizing a positive long-term outlook. Yoddha’s analysis suggests focusing on the longer-term picture, pointing to a potential breakout rally similar to previous rallies observed in Ethereum’s price history.
The Moon Expects Price to Drop Slightly Before Major Rally
Another leading analyst, The Moon, pointed to the Falling Wedge pattern formed on Ethereum’s daily chart, typically indicating the potential for a bullish reversal. This technical formation suggests that market sentiment might be shifting towards a more optimistic outlook as investors seek significant gains.
According to the analyst, if ETH manages to break out of the Falling Wedge pattern, the price could return to the $4,000 levels. However, The Moon’s shared price chart indicates that before such a significant rise, ETH’s price needs to pull back slightly and drop to the $2,100 – $2,200 range.
At the time of writing, ETH is trading at $2,404 with a relatively limited increase of 0.14% in the last 24 hours.
