Ethereum Price To $4,00 Is In Play As Technical Indicators Flash Glimpses Of Promise

Cryptocurrency analyst Javon Marks is predicting an extended rally for Ethereum price in the coming weeks on the backs of solid technicals.

Cryptocurrency analyst Javon Marks is predicting an extended rally for Ethereum (ETH) price in the coming weeks on the backs of solid technicals. According to an analysis on X, Ethereum price continues to trade outside of the previous descending trendline after a strong breakout despite recent poor price performances.

According to Marks, if ETH continues to trade above the trendline, a price target of $4,800 (R3) is still in play for the largest altcoin. While Marks did not give a timeline, the $4,000 prediction aligns with Standard Chartered's revised prediction for ETH for the end of 2025.

"With Ethereum still being well-broken out of an older resisting trend, the target at the $4811.71 level goes unchanged," said Marks.

(Image Credit: Javon Marks/X)

However, despite the predictions, there are several challenges that Ethereum price must overcome to continue the rally. For starters, ETH price charts are indicating lower lows and lower highs, confirming a strong downtrend.

The cryptocurrency behemoth has fallen to a new 5-year low against Bitcoin after posting its worst Q1 performance in nearly five years. ETH tanked to lows of $1,400 as investor optimism for the altcoin sunk to previously unseen levels.

But if the Ethereum price can break free of the pessimism and pour through the barrier, it has the potential to reach the next Fib level at $8,557.68, which is still valid despite the pessimism.

"If we cancel out the lower low and code a higher low, we can open up the possibility of Fib level 3 at $8,557.68, which is still a valid Fib level to target despite the pessimism in the market."

Marks adds that if the Ethereum price powers through the maze of challenges on its path to $4,800, it can trigger a sustained rally to $8,000. While the prediction is a steep ascent for ETH, prices have formed a 2020 historical pattern pointing to a rally.

"With this target still in play, an over 200% uphill run to reach it can take place and with the extensive post-breakout action, a break above is possible, bringing $8,557.68 into play," said Marks.

Bankless cofounder David Hoffman has revealed a strategy to improve ETH price performance. The plan involves attracting new users to the Ethereum network while ditching attempts to police users' behavior.

"The best way to increase the price of ETH is to bring more users to the network and stop trying to police what they do with it. Simple as that. We can do it if we want to."

Despite the possibilities for an upswing, Ethereum price is staring down the barrel of a gun. There are comparisons that the ETH price is mirroring Nokia’s decline with Solana's rise delivering the final blow for Ethereum.

News data source: kdj.com

The above is the detailed content of Ethereum Price To $4,00 Is In Play As Technical Indicators Flash Glimpses Of Promise. For more information, please follow other related articles on the PHP Chinese website!