CandleFocus Can Ethereum Price Break $10K? Bullish Momentum Suggests Potential
2024-11-24
Author: Content Editor
The market analyst CryptoYoddha is bullish on Ethereum's price trajectory, predicting it could reach $10,000 in the coming cycles. They believe that Ethereum's price movement is resembling the accumulation and breakout patterns seen in its previous cycles. The current price of $3,419 is near a breakout point towards $10,000, with intermediate resistance at $5,000-$6,000. Ethereum's ascending trendline and the presence of a Golden Cross on the daily chart further support the optimistic outlook. Despite short-term volatility, momentum should continue and Ethereum should not be underestimated. Institutional interest in Ethereum is growing, as seen in the increased traction of Ethereum ETFs. However, outflows from the Grayscale Ethereum Trust are holding back overall sentiment. Overall, Ethereum's historical patterns and technical structure suggest it is poised for significant gains in its next major market cycle.
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