Ethereum Prepares for a 50% Rally that Will See ETH Hit a New All-Time High of $6,300
Ethereum, the second largest cryptocurrency in the world, rose in value by 408% in 2021. While that makes it one of the best-performing assets of the year, many investors had higher hopes for the crypto, which only declined at the tail-end of the year.
With the start of a new year, many investors have high hopes for the performance of Ether. Ether now appears to be in a bullish zone going by the daily price chart, having gained by 2.4%.
The 24 hour price chart for Ethereum. Source: Tradingview
Ethereum Could Rally to $6,300
After days of fluctuating between the two oversold levels of 50 and 40 on the RSI, Ether fell below the $3,600 level on December 30th.
Using that as an essential support zone, Ether has now bounced back, and surged to break past $3,800, which has proven to be one of the most critical support zones for the assets.
If Ethereum continues its upward momentum and breaks above the triple top, based on point-figure analysis, it could solidly plant Ethereum back to a bullish market across all time frames.
Breaking above the $4,300 level will create an entry, whilst the stop will be located down at $3,900. Breaking above the triple top will create an entry at $4,300, with a potential price target of as high as $6,300, which would mark a 60% rally from its current price of $3,832 as of this writing.
Price prediction chart according to @FXScrypto
On the Flipside
- Over a longer period, a much bigger price breakout for Ethereum is further predicted ahead of its PoS network transition.