Recently, a crypto analyst known as ‘Yoddha’ has made a daring prediction regarding Ethereum (ETH), the world’s second-largest cryptocurrency. According to this analyst, Ethereum is poised to embark on a significant rally to new all-time highs above $10,000. Yoddha bases this ambitious prediction on historical trends exhibited by Ethereum from 2016 to 2024, highlighting periods of accumulation, interim peaks, and volatility.
Yoddha shared a chart depicting Ethereum’s price action from 2019 to 2021, where Ethereum witnessed a period of accumulation marked by multiple price fluctuations, including long declines and short rallies. Following this accumulation phase, Ethereum surged significantly, reaching a peak of $4,867 towards the end of 2021, aligning with its previous all-time high of $4,878 achieved during the 2021 bull market cycle.
The analyst identifies a similar accumulation phase in Ethereum’s price movements during the current market cycle from 2022 to early 2024. Despite facing a bearish trend in 2022 and 2023, Ethereum managed to reach a record high of $4,088 on March 12, 2024, after experiencing declines in 2024, especially around April and May. Yoddha believes that Ethereum has concluded this accumulation and bearish period and is now primed for a massive rally towards $15,346 by the end of 2024.
In a separate post, Yoddha suggests that Ethereum could kickstart the upcoming altcoins season, emphasizing the impending launch of this highly anticipated event in 2024. Altcoins are expected to gain more attraction once the hype surrounding meme coins diminishes, leading to potential healthy pullbacks and new all-time highs. This prediction comes at a time when Ethereum is trading at $3,024, reflecting a 1.58% decline over the past month.
Crypto analyst, Ali Martinez, adds to this narrative by revealing that Ethereum’s TD Sequential is currently presenting a “buy signal” on ETH’s daily price chart. This signal indicates the potential for Ethereum to witness a rebound of one to four candlesticks from its recent price drop. Achieving a surge above $10,000 would require Ethereum to jump by more than $7,000, fueled by increased investor demand, interest in the cryptocurrency, and the potential introduction of an Ethereum Spot ETF in 2024.
While these predictions may seem bold and ambitious, they are rooted in historical data and market analysis. As Ethereum continues to evolve and attract more attention from investors and analysts, only time will tell if these forecasts will come to fruition.
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