Ethereum To $10,000: Analyst Reveals Mid & Long-Term ETH Targets
One analyst has set these mid- and long-term targets for Ethereum based on an ascending parallel channel forming in Ethereum’s weekly price.
Ethereum has been trading within an ascending channel for some time
in a new postal Over at X, analyst Ali Martinez discusses where ETH is heading next based on the patterns forming in his weekly price chart. The pattern in question is rising channel From a technical analysis, this is a type of parallel channel.
one parallel channel Consists of two parallel trend lines, between which the asset price consolidates. The upper line of the pattern is created by connecting consecutive tops together, while the lower line connects the bottoms.
When a coin is within a channel, it may feel resistance at the previous level and support at the later level. A breakout of either of these lines could mean the trend will continue in that direction.
The usual parallel channels are also parallel to the time axis. If not, then it is an ascending channel or a descending channel. As their names suggest, the former involves upward sloping parallel trend lines, while the latter follows a downward trend.
This means that these patterns capture upward and downward consolidations respectively. Ethereum has fallen into such a pattern recently, highlighted by a 1-week price chart of the cryptocurrency shared by analysts.
As shown in the chart above, Ethereum’s weekly price has been moving within an ascending channel for several years. The asset retested the lower levels of the pattern earlier this year and managed to find support, allowing its price to rise sharply Bullish bounce.
The coin is now about halfway through the channel, which means there’s still a long way to go before the upper level can be retested. However, the asset may still encounter resistance here. “If #Ethereum $ETH experiences a pullback, watch support at $3,300 – a potential buying opportunity,” Martinez noted.
The last time ETH broke through the midpoint of the channel was in the first quarter of this year, when the price of the currency continued to rise. Therefore, if Ethereum can overcome this challenge, a similar rally could happen this time as well.
“Our medium-term target remains $6,000, with a long-term outlook of $10,000!” the analyst explained. At current prices, potential upside for the first target would imply 62%, while the second target would imply 170%.
Ethereum price
As of this writing, Ethereum is trading around $3,700, up nearly 8% from last week.
