Lourenço, the cryptocurrency analyst, has predicted that the price of Ethereum could rise to $9,000 in this market cycle. This comes as ETH is aiming for a breakout against its BTC pair, which could spark a strong price surge for this cryptocurrency and other altcoins.
Ethereum Aiming for a Rise to $9,000 in This Cycle
In a post on X, Lourenço commented that the price of Ethereum could rise to $9,000 at some point in this market cycle. This comment comes as he analyzes the weekly ETH chart. The analyst notes that, depending on how the trend is drawn at the top of the wedge pattern, this altcoin may have broken this pattern with solid closing levels above.
Lourenço claims that the $4,000 threshold is an important level, and once it turns into a support level, there will be additional resistance levels between $4,700 and $5,000. However, the analyst believes that the price of Ethereum will eventually fluctuate between $8,000 and $9,000. He also points out that the risk/reward ratio of ETH is currently very hard to ignore.
Cryptocurrency analyst Galaxy also expressed a similarly optimistic view on the price of Ethereum. In a post on X, he stated that ETH has a lot of upside potential compared to the BTC pair. The analyst notes that the Relative Strength Index (RSI) is still at the bottom and, in his view, the trend has only just begun.
His accompanying chart shows that the RSI is not in overbought territory even though the price of Ethereum has risen over 60% in the past month. Notably, the RSI of ETH has surged above 60 at previous highs, including when it reached the current ATH of $4,800 in 2021.
The Key Is ETH Must Break Above $4,000
In a post on X, cryptocurrency analyst Ted reveals that the key lies in Ethereum's price breaking above the $4,000 level. He notes that since the all-time high (ATH) in 2021, ETH has yet to reclaim the $4,000 mark. However, if that happens this time, he claims that the ETH price surge will be 'unstoppable.'
His accompanying chart shows that the price of Ethereum could rise to $5,200 in the short term. This would be a new all-time high for this altcoin. Cryptocurrency analyst Merlijn also emphasizes the resistance level of $4,000. He notes that this has been the ceiling for ETH since 2021, and it has been rejected from this level seven times.
However, the price of Ethereum is trying to break through this threshold once again. Merlijn remarks that this resistance level is not just a typical resistance but also a 'price exploration gateway.' His accompanying chart shows that ETH could reach $11,000 from now until 2026 if it breaks through this resistance.
