Crypto markets may have been volatile this week, triggered by a breakdown on Bitcoin’s chart and a retracement in Ethereum (not the start of an Ethereum’s crash is what we said). Consequently, the ‘Ethereum bearish‘ message is suddenly found everywhere which is in contrast to the sentiment and messaging two weeks ago.
While some ‘pundits’ may come out to call for the end of Bitcoin’s bull market, similarly the end of Ethereum’s bull market, we have a different view.
Previously, we outlined why Ethereum could still reach $10,000 by 2025, though will probably reach the $3,000 – $4,000 region in 2024. We stand by this view.
Some commentators have a different opinion, indicating that Ethereum could be a bearish asset in 2024, though such claims are largely unsubstantiated.
The problems with poor quality chart analysis
The issue with low-quality chart analysis is mainly with the timeframe. In the chart below, there are no structured price patterns and the content is short-term orientated. It’s basically impossible to make a reasoned analysis by looking at a single chart – especially an intraday one!
Yet the fallacies contained within the analysis are not apparent to viewers when reading the content. It’s also possible to take a different view on the same chart and draw an entirely different conclusion. Ideally, a lot of factors will converge to create a powerful signal (bullish or bearish).
Practically all of the content regarding Ethereum on this Trading View blog is erroneous, indicating a drop to $700 for Ethereum. We find that highly unlikely and the charts simply don’t back it up, even amidst a declining overall market.
Despite the majority of false claims, there is some sound analysis. This Ethereum technical prediction outlines that despite a bearish outlook in the near term, Ethereum has a strong potential for a bullish reversal in 2024.
Ethereum is not bearish in 2024
The fact of the matter is that Ethereum is not bearish at all in 2024, and that’s in spite of the Bitcoin retracement which we predicted in this altcoin season article. Our exact words were:
Arguably, before alt season 2024 will kick off, it might come with a drop in BTC. In a way, it makes sense that an explosive run starts with a drop. The market loves to mislead bulls, particularly at the start and end of bull markets
We predict an ETH price rise to $10,000 by 2025, and that’s based on sound chart analysis. Take a look at the daily chart.
The price to hit for this to occur is $3,525. After this, it would be a 3x to $10k. The weekly price chart indicates a similar price rise for ETH, with a rounded reversal bullish pattern.
Don’t believe the headlines! Ethereum is unlikely to go to $700. And it’s likely to end 2024 at a high, possibly even an all-time high. After all, as we keep repeating, 2024 is a hidden crypto bull market in disguise, with a fake drop to fool investors.
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Disclaimer: This is not financial advice. Please consult with a licensed financial advisor prior to making any investments.
