A renowned crypto analyst has recently made a unique prediction regarding the price of Ethereum (ETH). According to the analyst, Ethereum could see a massive surge of nearly 60% to reach $3,500 after breaking out of a key accumulation zone. The analyst, Ali Martinez, suggests that Ethereum is currently retesting its breakout zone from an ascending triangle pattern, indicating a potential further climb. The accumulation zone between $1,900 and $2,150 is being highlighted as the ideal zone before Ethereum sets its sights on the $3,500 target.
It’s important to note that ascending triangles are often seen as continuation patterns, suggesting that Ethereum’s price may continue in the same direction as the existing trend. However, earlier this month, another prominent market trader, Peter Brandt, had a more pessimistic view on Ethereum, predicting a potential drop to as low as $650 based on a rising wedge pattern.
This prediction comes amidst the United States Securities and Exchange Commission’s (SEC) decision to postpone its ruling on various Ethereum exchange-traded funds (ETFs) until May 2024. As always, market predictions are not always reliable, and it will be interesting to see how Ethereum’s price unfolds in the coming months.