Grab Ethereum Now? Expert Says Next Stop Could Be $10,000 After ‘Final Drop’
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Ethereum analysts are keeping a close look at the altcoin, which is stuck in a long downtrend. Some call for major upward breakout and others keep a cautious stance, warning to expect this downtrend will continue.Ali Martinez, a crypto analyst, is optimistic about the coin’s price trajectory, stating Ether would hit $10,000 in the coming bull run.Martinez, whose research often links ETH with more general market movements, has compared Ethereum’s rise with that of the S&P 500, suggesting that a similar breakout might be just ahead.Nevertheless, not all individuals are satisfied with this optimistic outlook. Peter Brandt, another crypto expert, maintains an alternative perspective. Brandt, who is renowned for his technical expertise and precise predictions, has issued a cautionary note regarding a robust bearish pattern on the daily chart of ETH.In his most recent analysis, he emphasizes a “bearish flag”—a descending channel—that he believes indicates potential additional downside risk.The Stock Market ConnectionMartinez has grounded his case on the historical relationship between Ethereum and the S&P 500 (SPX). Examining ETH in tandem with SPX Martinez noted that both assets had a bottom in late 2022 and kept an increasing trend until 2023.#Ethereum $ETH has been mimicking the S&P500, and this could be the last dip before it triples and hits $10,000! pic.twitter.com/BgpbZQXM6I— Ali (@ali_charts) November 4, 2024Based on the S&P 500 performance recently, he believes this alignment indicates ETH is preparing for a similar breakout. Martinez believes ETH might follow a similar trajectory, perhaps reaching the elusive $10,000 mark as the S&P 500 somewhat sank after its breakthrough to roughly $5,900.If such a trend is to follow through, then Ethereum needs a push to around 310% higher than the market price today. At the time of writing, Ether was trading at $2,618, up 8% in the last 24 hours.Martinez is cheerful about it, especially taking into account the development coming into the broader market perspective, although the objective has a very steep curve; however, Brandt’s warning is that ETH journey might not be as facile as envisioned, especially at the emergence of bearish signals.A Blend Of SignalsThe on-chain data from IntoTheBlock indicates that Ethereum holders have a divided sentiment. At present, nearly 23% of active addresses that hold ETH are in advantageous positions, which indicates that these holders are “in the money.”Although this implies that there is support at a certain level, the break-even level of 60% of the portfolios implies that the market remains uncertain. The holding by these individuals will determine how to buy more units or sell them in case of either a rise or drop in the price of Ethereum during the next weeks.More Losses Ahead?Veteran trader Peter Brandt warns that ETH’s bearish trend is severe and improbable to turn around. Brandt lately saw ETH’s daily chart’s negative predominance and projected more losses.Interesting to note that there was not a buy signal in $ETHIn fact, chart remains bearish with unmet target at 1551 pic.twitter.com/sjkXyTQXU2— Peter Brandt (@PeterLBrandt) October 31, 2024October 31 saw seasoned analyst Brandt, known for his accurate forecasts, draw attention to Ethereum’s bearish trend on X (formerly Twitter). ETH’s one-day chart starting in August has indicated a declining trend. This “bearish flag” indicates that the fall will keep on.Brandt saw no Ethereum purchase signals or momentum changes. His negative view contradicts with the rally forecasts of speculators. Since the chart shows no reversal, Brandt thinks ETH’s price may fall below current support levels.A Differing PerspectiveAlthough both are highly contradictory in terms of their opinions, the analysis by Martinez and Brandt of what is likely to happen in the subsequent phases of Ethereum has revealed such unpredictability. Ether is seen to continue its rise upward like that of S&P 500 toward $10,000.On the other hand, a similar cautionary tale given out by Brandt suggests that even in the future, difficulties may lie ahead due to the continuous presence of downward forces.Featured image from DALL-E, chart from TradingViewWeiter zum vollständigen Artikel bei NewsBTC
Quelle: NewsBTC