Crypto analyst forecasts $7,000 for Ethereum
Ethereum has failed to live up to its image as the “king of altcoins” during the current bull cycle, while other altcoins have thrived. Since falling below $4,000 last year, ETH has not showed any signs of hitting its peak.
Recently, Ethereum looks to be rebounding nicely following heavy negative pressure since the start of the year. With this modest momentum, the currency is expected to rise significantly in the following months.
How High Could ETH Go?
In a Jan. 17 X post, noted crypto analyst Ali Martinez made a daring optimistic forecast for Ethereum's price in the next months. Crypto traders expect the Bitcoin to rise above $7,000.
This prediction is based on the daily Ethereum price chart's inverse head-and-shoulder pattern. Technical analysis' inverted head-and-shoulders pattern has three price troughs, including a lower “head” between two higher “shoulders.”
The head-and-shoulders pattern frequently predicts a negative reversal, whereas the opposite pattern suggests a bullish breakout. When the price breaks above the neckline, a trendline linking the head's crests (swing highs), the inverse pattern is confirmed.
Ethereum's price looks to have completed the right shoulder of the inverse head-and-shoulders pattern, as seen above. The cryptocurrency seems to be reaching the neckline between $4,000 and $4,100.
Martinez said a successful Ethereum price close over $4,100 may lead to a surge above $7,000. This is approximately 100% higher than the current pricing. Martinez believes the current on-chain whale migration might spur such a shift.
The newest on-chain data reveals whales have collected over 330,000 ETH (worth over $1 billion) in the previous week. Whale behavior has been linked to big price gains, which might boost Ethereum.
Ethereum Price Overview
In the last 24 hours, the Ether token has risen roughly 5% to little under $3,500. According to CoinGecko, Ethereum has risen roughly 7% in the previous week.
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