Ethereum Analysts Split on Price Trajectory as $10,000 Target Emerges
Ethereum analysts are divided on the altcoin's future, with some predicting a major upward breakout while others caution that the current downtrend may persist.
Crypto analyst Ali Martinez is optimistic, forecasting that Ether could reach $10,000 in the next bull run. He draws parallels between Ethereum and the S&P 500, suggesting that both assets' movements indicate a potential breakout.
Conversely, Peter Brandt, known for his technical analysis, warns of a bearish pattern on Ethereum's daily chart, identifying a "bearish flag" formation that suggests further downside risk.
The Stock Market Connection
Martinez highlights the historical correlation between Ethereum and the S&P 500, noting both bottomed in late 2022 and have been trending upwards since then. He believes that if this trend continues, ETH could potentially reach $10,000.
#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, 2024
For Ethereum to follow this trajectory, it would need to increase by approximately 310% from its current trading price of $2,618, which has risen 8% in the last 24 hours. While Martinez remains optimistic about market developments, Brandt warns that Ethereum's path may be challenging due to emerging bearish signals.
A Blend Of Signals
On-chain data from IntoTheBlock shows mixed sentiment among Ethereum holders. Currently, about 23% of active addresses holding ETH are profitable, indicating some level of support. However, the break-even point for 60% of portfolios suggests market uncertainty regarding future price movements.
This division in sentiment will influence whether holders decide to buy more or sell based on Ethereum's price fluctuations in the coming weeks.
More Losses Ahead?
Peter Brandt asserts that Ethereum's bearish trend is significant and unlikely to reverse soon. He noted the absence of buy signals in ETH's daily chart, projecting additional losses.
Interesting to note that there was not a buy signal in $ETH. In fact, chart remains bearish with unmet target at 1551 pic.twitter.com/sjkXyTQXU2
— Peter Brandt (@PeterLBrandt) October 31, 2024
Brandt's analysis indicates an ongoing downward trend since August, characterized by a "bearish flag." He sees no indication of reversal, suggesting ETH's price may fall below current support levels.
A Differing Perspective
The contrasting views of Martinez and Brandt highlight the unpredictability surrounding Ethereum's future. While Martinez anticipates an upward trajectory similar to that of the S&P 500, Brandt cautions of potential challenges ahead due to persistent bearish pressures.
Featured image from DALL-E, chart from TradingView