Progress Toward Ethereum Reaching $10,000 Depends on Establishing This as a Support Level
Ethereum Continues to Show Resilience, Approaching Possible New High
In a notable development, Ethereum (ETH) has displayed remarkable resilience in recent days, sustaining its price above the $2,700 level. This performance has positioned ETH as a standout cryptocurrency in the current market, outperforming even Bitcoin.
A renowned crypto analyst, Venturefounder, has suggested that Ethereum might extend its current upward trend, potentially reaching a new all-time high in the ongoing bull market cycle. Despite its inability to break its all-time high this bull season, Ethereum remains one of the top-performing cryptocurrencies, fuelling renewed optimism about a potential record-breaking peak before the end of the cycle.
The surge in Ethereum's price has caught the attention of Venturefounder, who sees the cryptocurrency on an unprecedented trajectory by next year. His prediction is based on several crucial factors and momentum signals, including the potential shift of the $4,000 mark into support.
Venturefounder identified a massive rising channel that has been unfolding since 2017, suggesting a multi-year upside move. This bullish movement is further corroborated by a developing bullish crossover by the Moving Average Convergence Divergence (MACD) indicator.
As May nears its end, Venturefounder believes that if Ethereum closes the month above the $2,500 mark, it could mark a significant turning point. The completion of the monthly MACD's bullish crossover before the month ends could also serve as a catalyst for further bullish price action.
In such a scenario, Ethereum is expected to rally hard towards the next target of $4,000, following these developments. If the altcoin successfully turns this key resistance level into support by Q4 of this year, Venturefounder anticipates a substantial rally to a new all-time high of $10,000 by 2026.
Meanwhile, Venturefounder predicts that ETH's price will oscillate between $1,400 and $4,000 in a bearish case. Another crypto expert, Merlijn The Trader, has also forecasted a significant upward move for Ethereum, aligning its performance with Bitcoin's. He expects ETH to outperform Bitcoin in the coming months, potentially leading to a massive price spike beyond the $14,000 milestone by 2026.
It is worth noting that Venturefounder and Merlijn The Trader's predictions rely on Ethereum's ability to reclaim its former peak price and then undergo a parabolic run, similar to past cycles. Their calls suggest observing Ethereum's progress as it attempts to break through current resistance levels and sustain a bullish trend.
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In crypto circles, Venturefounder is recognized for making noteworthy price predictions, including correctly predicting Ethereum’s price bottom. His prediction of Ethereum (ETH) rallying to $10,000 by 2026 is based on several factors, including the retesting and surpassing of previous highs, market sentiment and cycle alignment with Bitcoin, and expert analysis and momentum calls.
However, it is important to note that Ethereum's path to a new all-time high depends on various factors, and the market remains volatile. Therefore, investors should consider their risk tolerance and conduct thorough research before making any investment decisions.
Investors looking to diversify their portfolio might find a potential opportunity in altcoins, such as Ethereum, given its resilience and steady performance in the finance sector. With predictions pointing towards a possible new all-time high, technological advancements in Ethereum could lead to a significant increase in value over the next few years.
The rising trend of Ethereum, fueled by factors like the shifting of key resistance levels into support, the completion of crucial technical indicators, and the promising predictions from analysts like Venturefounder and Merlijn The Trader, makes it an attractive investment option for those interested in the technology space.
