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Posted: November 26, 2024
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- Ethereum’s Pi Cycle Top indicator predicted a market top of over $5k.
- In case of a price correction, ETH might drop to $3.03k again.
Ethereum [ETH] , like most other cryptos of late, have registered promising growth. Following the tracks of Bitcoin [BTC] , several expected ETH to also touch an all-time high in the coming days. However, is it a viable outcome?
Mapping Ethereum’s path ahead
Like BTC, ETH also registered a more than 8% price hike last week. At press time, the king of altcoins was trading at $3,389.53 with a market capitalization of over $408 billion.
This was significantly lower than the token’s ATH, which it achieved back in November 2021. To be precise, Ethereum’s ATH is nearly $4.7k.
Nonetheless, the recent bullish trend in the market, and in the hope of an altcoin season ahead, several technical analysts predicted a new ATH for ETH. One of them was popular crypto analyst AlejandroBTC.
The analysts recently posted a tweet mentioning the possibility of ETH reaching an ATH by the end of this year.
Going forward, the analyst also predicted that ETH might reach $7k in January 2025 and $14k in March 2025.
Since these numbers looked pretty ambitious, AMBCrypto dug deeper. We checked Ethereum’s daily chart to find out upcoming resistance levels that the token needs to cross in order for it to reach an ATH. As per our analysis, ETH at press time was struggling to breach its $3.4k resistance.
However, the MA Cross indicator displayed a bullish advantage as the 9-day MA was well above the 21-day MA. This suggested that ETH can jump above the resistance in the coming days.
If that happens, then ETH might next target $3.9k before it eyes at its March high of $4k. A breakout above that mark would open doors for ETH to retest its ATH again.
Source: TradingView
What to expect in the short-term?
Notably, expecting that to happen won’t be unrealistic. The Pi Cycle Top indicator, a crucial metric that maps market tops and bottoms, revealed that ETH had a possible market top of $5.8k.
This was well above its ATH, suggesting a climb towards that mark in the coming days.
Source: Glassnode
Though the token will witness slight rise in liquidation going forward, if market sentiment and investors’ confidence don’t dwindle on ETH, this target might be achievable.
Read Ethereum’s [ETH] Price Prediction 2024–2025
However, if the market condition changes and ETH falls victim to a price correction, the king of altcoins might drop to its support at $3.03k once again.
Source: Coinglass
