Analysts from More Crypto Online are optimistic about an Ethereum jump that will cost $12,000 in the next pump.
His analysis highlighted the cryptocurrency’s robustness and the critical nature of the $2,975 support level. According to the speaker, maintaining this level is pivotal for Ethereum’s continued bullish trajectory, with the potential to reach between $8,000 and $12,000 in a market upsurge. The current wave pattern, labeled as the ‘white count,’ indicates Ethereum is undergoing a fourth-wave correction within an Elliott Wave sequence.
The analyst, however, underscored the significance of the $2,975 threshold, stating that a sustained dip below this mark could negate Ethereum’s impulsive wave structure. Such a breach would doubt the bullish forecast and potentially adjust the market’s outlook. Further, the analysis’s discussion was centered on the preferred Elliott Wave count, with the speaker outlining a ‘b-wave’ rally scenario in which Ethereum could climb to approximately $3,850 to $4,122, provided the ascent constitutes a three-wave pattern. In another analysis, the analysts stated that Ethereum had broken key resistance levels and now foresee a pump backing today’s call.
Furthermore, the expert conveyed that alternative patterns like a diagonal or a triangle were possible. The narrative suggested that although Ethereum had surpassed prior expectations, it could still be setting up for further increases. According to the analyst, a pivotal point to watch is the $3,680 support area, which, if broken, might indicate an incoming significant price movement.
According to him, this final wave in the Elliott pattern is exciting. It can propel Ethereum to new heights, possibly touching or surpassing the previous all-time high near $5,000. He also entertained the likelihood of a diagonal wave pattern during this fifth wave, adding another layer to the complex analysis of ETH’s market stance.
Ethereum’s Analysis: How Is ETH Looking Today?
Analyzing the ETH charts, we notice that the price is near a resistance zone of around $3,700, which has failed to break above in recent attempts. A breakout above this zone could indicate bullish momentum, while failure could lead to a retracement. However, the latest series of candle stick patterns could suggest a retraction with respect to the zone. The Moving Average Convergence Divergence (MACD) line is above the signal line. Still, it appears to be converging, suggesting the momentum may be slowing down. On the other hand, the RSI (Relative Strength Index) is around 67, which is close to the overbought threshold of 70, indicating the potential for a pullback. Lastly, Woodie’s CCI (Commodity Channel Index) is showing some volatility with recent swings but is currently around the zero line, suggesting a lack of strong momentum.
4-hour BTC/USD Chart | Source: TradingView
Looking at stats from IntoTheBlock, we notice that the altcoin is trading at $3,628 as of 10:17 a.m. EST, representing a 1.7% 24-hour uptick in its price. 88% of holders are currently profitable, a positive sentiment indicator. The 0.73 correlation to BTC indicates that Ethereum’s price movements are moderately correlated with Bitcoin’s. Transactions greater than $100K were at $53.18b in the last 7 days, indicating significant high-value transaction activity with total exchange inflows and outflows at $12.41b and $12.48b, respectively. These are closely matched, suggesting a balanced demand and supply on exchanges. This comes as ETH also finished March with its holder metrics at an all-time high.
