ETH values fell below $4,000 last week after an attack on the cryptocurrency market and massive liquidations. After recovering from $3,800, the popular cryptocurrency has entered consolidation. Popular cryptocurrency analyst Lark Davis expects Ethereum to bounce back to an all-time high.
The technical analysis indicator Relative Strength Index (RSI) monitors the speed and magnitude of price movements. It is generally used to determine if an asset is overbought (overheated market) or oversold (possibly cheap and attracting substantial accumulation). Lark Davis claims that the price of Ethereum has fallen by 20% in two weeks. This price drop has led the asset's RSI to its most oversold level since April. The popularity of Ethereum increased by 134% in two months after this.
The RSI of the altcoin is currently at 39.95. With cryptocurrency market forecasts turning positive in Q4, Davis says this unusual RSI signal could cause Ethereum prices to soar. In a separate piece, market researcher Michaël van de Poppe noted that September has traditionally been a tough month for Ethereum and the market. Q4 and Q1 are generally optimistic, according to market statistics.
Lark Davis expects Ethereum to soar to $9,000–$10,000 if this behavior continues, a 100% increase in price from the current market levels.
Ethereum is currently trading at $4,006, down 0.32% and down 10.7% from the previous week. The asset's trading volume fell by 57.49% to $21.66 billion. Q4 begins next month, and Ethereum is set to maintain its ascent.
With an average monthly return of 6.94% and a median monthly return of 1.94% in October, the altcoin shows tremendous growth potential in the market. However, Lark Davis has found substantial support around $3,800–3,900. To maintain its bullish structure, Ethereum bulls must hold this price floor, says the expert.
With a market value of $483.26 billion, Ethereum is the second largest cryptocurrency.
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