Ethereum’s Price Teetering: Analyst Forecasts Surge Past $2,000 On One Condition
Ethereum (ETH), the second-largest crypto by market capitalization, has been in the spotlight due to its price action. A notable crypto analyst, Pentoshi, shed light on the asset’s price trajectory, suggesting a possible uptick in value if current conditions prevail.
It is worth noting that this analyst’s predictions come at a time when Ethereum trails behind Bitcoin’s recent price rally. Notably, while Bitcoin has recorded a 12.5% increase over the past week, Ethereum’s gains are modest, rising by 8.4% during the same timeframe.
Ethereum Price Bracket Significance
According to the analyst’s post, Ethereum’s immediate future could see an upward trend if it manages to close the week within a specific price range. The suggested target zone, between $1,796 and $2,148, is critical, as highlighted by Pentoshi.
Should ETH’s closing price fall within this bracket, the analyst posits a potential path cleared for Ethereum to reach or even surpass the $2,200 mark. While Ethereum lags Bitcoin’s recent performance, the analyst remains optimistic about its prospects.
Pentoshi indicates that Ethereum is approaching a “demand zone,” on the BTC/ETH ratio. Notably, this could stimulate buying activity and influence its price positively.
$ETH
Closing this weekly back inside the range opens up the doors to $2,200
Despite it severely underperforming BTC it’s now beginning to enter the demand zone on the btc /eth ratio
BTC is bullish as long as above the 31.5-32.5k area thus I’ll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O
— Pentoshi euroPeng (@Pentosh1) October 29, 2023
Bitcoin’s Bullish Standpoint Maintained
Pentoshi is bullish on Bitcoin, the pioneer cryptocurrency, provided it remains above a particular threshold. The $31,500 and $32,500 area is highlighted as Bitcoin’s support zone. The analyst maintains that staying above this range could sustain the positive outlook on Bitcoin.
However, a dip below these levels would suggest re-evaluating this bullish analysis. Regardless, Bitcoin does not currently appear to be moving towards any support but instead seems to be pushing above any resistance.
In just four days, the asset has climbed from a trading price of $34,000 last Thursday to a present trading value of $34,760 at the time of writing. It’s worth noting that BTC has embarked on a significant uptrend, ascending more than 20% in the last two weeks.
Ethereum has also experienced a rally but hasn’t matched Bitcoin’s momentum. Over the past 14 days, ETH has seen a 14.8% increase and is currently trading at $1,820, marking a 1.4% rise in the last 24 hours alone.
Featured image from Unsplash, Chart from TradingView
