Ethereum Price Could Surge 38% to $3,500 Soon

Crypto analyst Crypto Bullet suggests a potential Ethereum price surge of 38%, targeting $3,500. He attributes the current price resistance to the 50EMA, predicting a breakout may occur soon.

Key Predictions

ETH could rise to $3,500 following a breakout.
The average breakout historically results in a 38% price increase.
A recent Morningstar Candle pattern indicates potential for an initial rally to $3,300.
ETH has broken the $2,500 resistance, signaling bullish momentum.
Current price attempts to break the 200-day MA between $3,000 and $3,300.
Success above this range could lead to a target of $4,000.

Emerging Bull Run

Analyst Trader Tardigrade noted that ETH's daily candle closed above $2,650, indicating the start of a new bull run. The price is breaking out from an ascending triangle, possibly pushing it above $3,000.

Currently, the Ethereum price is around $2,670, reflecting a 7% increase in the last 24 hours.

Ethereum Chart