Analysts say an “impulsive move” will push Ethereum price into a range of $ 6. could bring
The cryptocurrency market has been active since early November, and an almost innumerable number has soared to highs since November 2nd, when Ether (ETH) topped $ 4,500 and Bitcoin (BTC) reclaimed $ 64,000. Polkadot (DOT) also hit another all-time high as investors accumulate tokens that lead to upcoming Parachain auctions.
The price of ether rose following the recent Altair update of the Ethereum beacon chain as part of the protocol transition to Eth2 and the proof-of-stake mechanism, which also withdrew over 8 million ethers from circulation.
Data from Cointelegraph Markets Pro and TradingView show that since trading at $ 2,780 on September 29, the price of Ether has risen 62.54% higher in more than a month to hit a high.
Here’s what traders and analysts are saying about Ether’s recent price action and where the token could be headed in the coming months.
ETH can drive the wave to $ 6,000
A simple, straightforward price prediction for ether from Cointelegraph employee Michaël van de Poppe, the sent The graph below estimates an “impulsive move” between $ 6,000 and $ 6,400 that could occur sometime between November 2021 and January 2022.
Van de Poppe said:
“Ethereum’s pulse wave target could be $ 6,000.”
Analysts expect another outbreak to take place soon
Options trader and Twitter user nicknamed “John Wick” issued a warning to winning participants advising that another breakout is possible at Ether.
“Ethereum continues to generate new ATHs. The people who have been waiting with us all these months absolutely deserve it … Technically, we have another squeeze shader. Watch out for another outbreak soon! “
Related: The Ethereum price hits a new high of over USD 4,500 while Bitcoin recovers CZK 64,000
Fractal 2017 reaches $ 14,000 ETH
One final perspective from online chain analyst Matthew Hyland compares the price movement of ether in 2017 with the current market structure of ETH.
# Ether Just started …
The extreme move is coming
$ 14,000 + pic.twitter.com/5XSYoxAJ6F
– Matthew Hyland (@Parabolic_Matt) November 1, 2021
If the proposed fractal pattern really shows up, Hyland points to a potential rally to at least $ 14,000 in the next two to three months.
The total crypto market cap is $ 2.728 trillion and the dominance of Ethereum is 19.4%.