The crypto space is on the verge to record a rebound from the past losses. Many crypto assets are trying very hard to regain the bullish momentum in order to pierce through the immediate resistance levels. However, the bears are also pretty active and leaving no opprtunity to drag the price behind. Yet the bulls keep Ethereum (ETH) price well placed above $3000.
The altcoin is showing positive gains on the market charts. Interestingly, an investor is optimistic about the coin hitting closer to 10X, from ETH’s past performance. The analyst, Jarzombek speculates ETH price could hit $13K to $14K within this bull run.
ETH during the first bull wave of 2017, surged from about $7-8 to $420. While in the first bull wave of 2021, the ALT coin went moonish from $85 to $4300.
Consecutively, the coin has surged from $145 to $1410 during the second bull wave of 2017. He analyzes the possibility of the coin reaching about $13k-14k from $1700 in the second bull wave of 2021. Going by the math, it does seem possible, as the coin has surged in a similar manner previously.
Also Read: Altcoins Recover! Analyst predicts limited bottoms for ETH, HBAR & CVX
Ethereum(ETH) Price Analysis
The ETH price is trading at $3,091.72 with gains of about 6%. ETH did hit its 24-hour high of $3,147.78. The statistics mentioned are from press time. The coin is currently hovering above its major support levels of $3,000. ETH prices could possibly accelerate higher if it surpasses the $3200 resistance zone. The next major resistance for the coin is at $3400.
The digital coin needs to stick above its support levels of $3000 to avoid losses. Meanwhile, the downtrend in supply rates is a good sign for the long-term gains of the network. The ALT coin has picked up pace pretty well, rising above its support levels. The interim relief in the economic crisis has helped the coin rebound.
Summing up, we can expect the targets for Ethereum(ETH) price to materialize provided the uptrend persists. And the due upgrades of Eth2 come into place. The merge of the current Ethereum Mainnet with the beacon chain Proof-of-Stake system is of immense importance.
Also Read: Polkadot, Kusama, COTI, and Cardano Proves to be a Good Long Term Investment!
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