Ethereum’s shoddy run of form is reaching its lowest ebb with investors lapping at the charts in bullish fashion. Ethereum price is tipped for a rally to $4,000 after technical indicators flash glimpses of promise for the largest altcoin.
Ethereum Price To $4,800 Is In Play
Cryptocurrency analyst Javon Marks is predicting an extended rally for Ethereum 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.
Marks notes that the previous breakout triggered an extended bullish run for Ethereum but previous declines leave ETH outside the descending trendline. According to the cryptocurrency analyst, if ETH continues to trade above the trendline, a price target of $4,800 is within grasp. 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.
While Marks’ prediction offers a ray of hope for the bruised and battered altcoin, trading above the trendline is an uphill climb. For starters, ETH price charts are indicating lower lows and lower highs, confirming a strong downtrend.
Ethereum price 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.
Marks Says ETH Can Still Clinch $8,000
The analyst notes 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, bring $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.
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.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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