Analyst Says Prepare For Ethereum Price To Hit $17,000, Here’s Why
A crypto analyst shares a new bold Ethereum price forecastpredicted No. 1 Altcoin is on the verge of an explosive rally to $17,000. The analyst cited past trends to support his bullish forecasts, highlighting that Ethereum has rallied sharply after its decline.
Ethereum price forecast target $17,000
According to Kiu_coin, the Ethereum season has just begun, opening up the possibility of price reversal and buying opportunities. recent, Ethereum prices have been trading sidewaysexperiencing a massive decline, which analysts describe as “shaking.”
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His chart shows that Ethereum has recorded a unique shaking mode over the past few years and then made an explosive upward movement. In this case, Shakeout refers to the sudden drop in the price of a cryptocurrency that forces weak people in the market to sell their holdings before Price reversal and upward surge.
In his price list, Ethereum has experienced it The final swing Around 2020, in the last bull market. This dramatic drop followed by a huge price surge in 2021, marking ETH’s new ATHS. At that time, cryptocurrency soared 1,310.6%, recording one of its biggest prices.
The current price is around $2,637, and has experienced a shaking similar to that of 2020. Despite other Altcoins group gatherings over the past few months, Ethereum prices have Struggling with fluctuations and stagnation.
This bearish trend or shake has led to a large amount of sell-offs by investors. If history shows any signs, Kiu_coin believes that once Ethereum comes to the conclusion, this phase of decline is removed from the market, and cryptocurrencies may go through Optimistic about the breakthrough of the new high.
Updates to ETH price analysis
TradingView experts will move upward towards their $17,000 target. Over the next 217 days, Ethereum grew 732% over the analysis period. Support level There are also signs of about $2,173 and $2,069 on the chart, representing price levels that may prevent further declines in ETH.
As mentioned earlier, the price of Ethereum has been Severe downward trendas its value has steadily dropped to $3,000, it has failed to meet market expectations. And other AltCoins records year-end growthCoinMarketCap data shows that Ethereum prices have risen by only 5% since the beginning of the year.
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Cryptocurrencies have experienced 18.5% in the past month Prices collapse due to market fluctuations Bitcoin’s value suddenly dropped. Despite ETH’s efforts to recover from the bearish trend, its 24-hour trading volume increased by 20.9%.
Featured images from Adobe Stock, charts from TradingView.com
