Ethereum Price To Hit New All-Time High If This Happens: Crypto Analyst

1 month ago

Crypto expert Poseidon (@CryptoPoseidonn) has released a elaborate terms prediction for Ethereum (ETH). His analysis, delivered to his 123,000 followers connected societal media level X, revolves astir the pivotal $2,160-$1,900 terms scope which has historically served arsenic a important high-timeframe (HTF) enactment since the summertime of 2021.

ETH Price Analysis: $8,000 Is Possible If …

According to Poseidon, Ethereum precocious retested what helium describes arsenic the “most important enactment level connected the chart” aft a important breakout earlier successful the year. This terms portion has consistently acted arsenic a cardinal battleground for bulls and bears, making it a cardinal absorption of method analysis. “Early successful 2024, we broke retired of this level, starring to a important terms summation due to the fact that this was the lone absorption holding america back. Now, aft 200 days, we are backmost astatine the aforesaid level, and for me, buying ETH present is an opportunity,” Poseidon elaborate successful his analysis.

The resilience of the $1,900 enactment level is captious to Ethereum’s bullish outlook. A breach beneath this level without speedy betterment would apt bespeak a rhythm apical and could precipitate a driblet to arsenic debased arsenic $1,000, marking a important reversal successful the prevailing marketplace trend. However, Poseidon assesses this hazard arsenic low, expressing assurance successful the support’s reliability: “I find this script highly unlikely. I judge the terms volition bottommost retired successful this range, marking a important HTF low.”

Looking forward, Poseidon sets conditional targets that trust connected Ethereum reclaiming and stabilizing supra definite terms thresholds. Initially, ETH needs to breach the $3,000 mark, followed by $3,500, to acceptable the signifier for a imaginable rally to caller highs. “If we negociate to surpass $5,000, I deliberation $7,000-$8,000 is realistic. Although I judge we could spell overmuch higher, thing supra $8,000 would beryllium risky for maine to enactment successful longs. I’d beryllium highly cautious and would merchantability rapidly if the regular inclination breaks down,” helium stated.

To warrant these targets, Poseidon employs Fibonacci retracement levels, a communal instrumentality among traders for predicting imaginable reversals, support, and absorption levels based connected prior marketplace movements. These projections, however, are contingent connected the marketplace maintaining its operation without important inclination breaks.

The modulation to a bullish marketplace signifier for Ethereum hinges connected respective cardinal method indicators. First, Ethereum needs to reclaim and clasp the 200-day EMA to awesome strengthening momentum. Second, the crypto plus indispensable support enactment supra the scope debased which is important for continued bullish sentiment. Third, overcoming the regular proviso portion from $3,100 to $3,200 volition apt trial Ethereum’s resilience, which if successful, could solidify the asset’s upward trajectory.

Poseidon elaborates connected the challenges of this bullish flip, noting the existent bearish sentiment and the trouble of breaking supra these absorption levels. “While we’re sitting astatine a beardown play and monthly enactment level, we’re inactive successful a downtrend. To corroborate this level arsenic the bottom, we request to displacement the regular inclination to bullish again.”

Adding to his method analysis, Poseidon highlights the H8 timeframe and its EMA200 arsenic the “GOAT” (Greatest of All Time) for inclination determination. “I’ve studied the H8 EMA200 connected ETH since 2018, compared it with different EMAs and timeframes, and I tin confidently accidental that the H8 EMA200 is the GOAT,” helium asserts. This peculiar timeframe and moving mean supply a unsocial penetration into shorter-term terms movements and are cardinal to Poseidon’s trading strategy.