Ethereum Holds $3,900 Support, Analysts Predict Possible 30% Rally
Ethereum Market Update:
- Ethereum (ETH) experienced a 3.1% drop in daily trading, attempting to hold the $4,000 support level.
- The cryptocurrency is within a $3,800-$4,800 range since August, recently hitting a low of $3,435 but quickly rebounding above $4,000.
- Daan Crypto Trades noted that ETH maintains daily closes above $4,100 despite volatility; failure to hold this may lead to a drop to $3,800 or $3,400.
- Holding $4,100 on a weekly basis is crucial for targeting highs around $4,800 and potentially reaching $5,000.
- Ali Martinez suggests a 28%-53% rally possibility if ETH holds $3,900, potentially moving towards $5,000 or even $6,000.
Potential Long-Term Growth:
- Analyst Crypto Jelle highlights an 18-month descending wedge breakout, suggesting readiness for expansion once out of the accumulation range.
- Crypto Kaleo points to structural similarities with past bull markets, indicating potential for higher targets.
Currently, Ethereum trades at $4,001, marking an 11.3% decline over the week.
