Ethereum Price Breaks All-Time High — Analyst Sets $7,000 As Next Target

4 hours ago

The cryptocurrency marketplace roared backmost to beingness connected Friday, August 22, aft a affirmative code from US Federal Reserve Chairman Jerome Powell, with the Ethereum terms starring the apical 10 largest assets successful presumption of performance. According to information from CoinGecko, the terms of ETH accrued by much than 14% connected the day.

After its archetypal struggles during the week, the Ethereum terms finished by reclaiming and surpassing its erstwhile all-time high of $4,878, reached arsenic acold backmost arsenic 2021. Interestingly, a salient crypto laminitis has enactment guardant an audacious prediction for the terms of Ethereum implicit the adjacent fewer months if it breaks its grounds high.

What’s Next For ETH Price?

In an August 22 station connected societal media level X, Alphractal CEO and laminitis Joao Wedson shared an breathtaking prognosis for the Ethereum terms successful the coming months. According to the crypto expert, the second-largest cryptocurrency whitethorn beryllium entering different fear-driven script earlier the commencement of a caller re-accumulation signifier if it doesn’t transverse the erstwhile grounds high.

Wedson revealed the anticipation of algorithmic trading enactment clustering astir the $7,000 – $7,500 range, further strengthening the lawsuit for a reaccumulation stage. This signifier tin beryllium associated with rhythm shifts wherever marketplace makers sorb liquidity, suppress volatility, and acceptable themselves up for the adjacent circular of large superior inflows.

The Alphractal laminitis highlighted that the Ethereum terms movements person coincided with the cyclical signifier of Bitcoin’s marketplace dominance. As shown successful erstwhile fractal cycles, the terms of ETH tends to sorb a important stock of Bitcoin’s superior flow, typically aft 28 days of BTC terms consolidation.

Wedson revealed that the existent marketplace information suggests this signifier whitethorn beryllium playing retired again, expanding the chances of Ethereum terms embarking connected an extended rally implicit the adjacent fewer months. It is worthy noting that the terms of ETH has reached a caller all-time high, implying that the altcoin whitethorn not adjacent witnesser the archetypal downside volatility earlier entering a caller maturation phase.

The crypto expert, however, urged investors to bash their owed diligence, arsenic the marketplace information lone looks astatine the emblematic behaviour of Market Makers during rhythm transitions.

Ethereum Price At A Glance

As of this writing, the terms of ETH sits astatine astir $4,716, reflecting an astir 9% summation successful the past 24 hours. According to CoinGecko data, the altcoin is up by much than 11% successful the past 7 days.