Ethereum continues to struggle to overcome the resistance raised at $3,000, and the bears are holding the price steady. However, the bullish sentiment surrounding the price of Ethereum has not completely disappeared. This suggests that investors are still waiting for the price to recover from the current decline. Crypto analyst Master Ananda has a more nuanced view of cryptocurrency and predicts that 5 digits will remain in the future.
Ethereum price to rise above $10,0000
In the analysis, Master Ananda explains that the story of Ethereum is not far off. A crypto analyst pointed to the appearance of Fibonacci retracement numbers based on the trend in the Ethereum price chart. These indicate that the price of Ethereum is preparing for another big rally.
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Following this trend, the analyst believes that the price of the digital asset will reach 5 figures. However, despite the fact that $ 10,000 seems more difficult every day, Master Ananda says that it does not look like the highest goal for Ethereum. Instead, $10,000 is just an “intermediate” target, meaning he expects the price to go higher.
Contrary to the expected target of $10,000, which was predicted for Ethereum, the crypto analyst sees the price going up to $20,000 at the moment. Such a recovery would mean a more than 900% rise in the price of Ethereum and would likely trigger an altcoin season, as it has in the past.
Looking at the chart, there are several key resistance levels that the bears can contend with. The first is around $4,900, where it sits at an all-time high. Then, the resistance of $10,690 goes forward. This is a natural resistance, as $10,000 is expected to be the main psychological level.
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At the end of this massive rally is a budding resistance that could push the price of Ethereum back to $20,000. This is expected to be the peak before the cryptocurrency moves into another bear market.
As for the timeframe when this could happen, the crypto analyst explains that investors should not wait for this to happen. “We don’t have to wait four years for this event to happen. It all starts now…Ethereum is headed for the $20,000 target,” the post said.
Featured image from Dall.E, chart from TradingView.com
