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Crypto Analyst Maps Out Dream Ethereum Scenario To $8,000
An analyst has charted out a “dream scenario” path that Ethereum could follow, based on a technical analysis (TA) pattern in its 3-day price. Parallel Channel Could Chart Out What’s Next For Ethereum In a new post on X, analyst Ali Martinez has talked about a dream trajectory that Ethereum could follow with respect to a Parallel Channel. The “Parallel Channel” here refers to a TA pattern that forms whenever an asset’s price trades between two parallel trendlines. Related Reading: Bitcoin At Key Retest: Bounce Or $98,000 Next? The upper line of the pattern is assumed to be a source of resistance, so tops can be likely to occur during retests of it. Similarly, the bottom level can provide support to the price, helping it to rebound. Now, here is the chart shared by Martinez that shows the Parallel Channel that the 3-day price of Ethereum has been trading inside for the last few years: As displayed in the above graph, Ethereum retested the upper level of the Parallel Channel earlier in the year, but found rejection at it. The asset has since slipped down and arrived near the line, sitting a distance equal to three-fourths the height of the channel from the lower line. The analyst has noted that a dream scenario could be for ETH to find a rebound around here and smash past the $4,900 level, corresponding to the upper boundary of the Parallel Channel. Generally, Parallel Channel breakouts signal a continuation of the trend in that direction. This means that a surge above a Parallel Channel’s resistance can be considered a bullish sign, while a fall under the support level may lead to bearish action. Parallel Channel breakouts can be of the same length as the height of the channel. As Martinez has highlighted in the chart, if ETH can break past the $4,900 mark, it may go all the way up to $8,000, corresponding to this length. For now, Ethereum is heading down, so it only remains to be seen whether its price will be able to find a rebound in the near future and retest the upper boundary of the Parallel Channel. Related Reading: Dogecoin Plunges To $0.18 As Whales Sell 440 Million DOGE ETH isn’t the only cryptocurrency that has been following a Parallel Channel in its 3-day chart. As the analyst has pointed out in another X post, Solana has also been trading inside the same type of channel on this timeframe. “Solana needs to reclaim $200 to confirm strength,” explained Martinez. “Only then a rebound to $260 comes into play.” ETH Price At the time of writing, Ethereum is trading around $3,700, down almost 11% over the last week. Featured image from Dall-E, charts from TradingView.com
Caution In The Crypto Market: Expert Warns Of Bearish Phase Unfolding This November
November has kicked off on a negative note for crypto prices, with Bitcoin (BTC) briefly dipping toward $105,000 on Monday. This decline has sparked a renewed sense of bearish sentiment among investors, and experts caution that conditions could worsen in the coming days. November Deadline Approaches Market expert CryptoBirb recently expressed concerns on social media platform X (formerly Twitter), noting that the market is already ten days into a bearish cycle. According to CryptoBirb, diving into on-chain data, the more alarming the picture appears. Related Reading: Solana Price Drops Below $180 Despite $199M ETF Inflows, What’s Behind the Decline? CryptoBirb’s analysis begins with cycle peak data: it has been 1,078 days since the low in November 2022, which is 101.2% of the crypto cycle complete. Additionally, it has been 563 days since the last Halving, with 45 days remaining within the typical 518 to 580-day peak range. Alarmingly, the anticipated rally leading to this peak has not materialized, and there are only 17 days left before the window for a peak closes on November 20. Missed breakouts during this time frame have signaled the end of previous bullish cycles. When comparing the current situation to the 2017 cycle, it is noted that Bitcoin reached its peak on December 17, 2017, 1,068 days after its low. With BTC now 1,078 days into the current cycle, the chances of a late top are diminishing with each passing day that the cryptocurrency remains below $113,000. From a performance standpoint, Bitcoin is down 16% from its all-time high of $126,200 and has only gained 8.2% year-to-date. The market’s leading crypto has faced repeated rejections near the $113,000 to $114,000 range and is currently trading below the 200-day simple moving average (SMA) of $109,882. Historically, November typically sees an average gain of 17.5%, with positive performance in 10 out of the last 15 years. However, the expert points that when November begins in the red, it often indicates that the cycle is already shifting. Potential Bullish Factors Amid Ongoing Crypto Concerns Adding to this bearish sentiment, DeFi researcher DeFiIgnas has outlined several factors complicating the crypto market’s trajectory. These include what he calls “the speculative nature of the artificial intelligence (AI) bubble,” the failure of bullish news to invigorate crypto prices, uncertainty surrounding entities that collapsed after the October 10 crash, and the cyclical nature of the market. Additionally, the selling activity from long-term holders and negative crypto exchange-traded funds (ETF) flows contribute to the prevailing concerns. Related Reading: XRP Bear Signal Triggered: Will The Top Altcoin Drop 70-80% From Here? Despite these challenges, DeFiIgnas also identified some potential bullish factors that could foster recovery instead of further declines. These include easing liquidity and interest rate cuts by the Federal Reserve (Fed), a lack of euphoria in the crypto space, slow but steady institutional adoption, and the potential passage of a US crypto market structure bill. Historically strong performance in the fourth quarter, stablecoin supply at all-time highs, and a recent US trade deal with China could also provide a counterbalance to the prevailing bearish sentiment. Featured image from DALL-E, chart from TradingView.com
Crypto Analyst Maps Out Dream Ethereum Scenario To $8,000
An analyst has charted out a “dream scenario” path that Ethereum could follow, based on a technical analysis (TA) pattern in its 3-day price. Parallel Channel Could Chart Out What’s Next For Ethereum In a new post on X, analyst Ali Martinez has talked about a dream trajectory that Ethereum could follow with respect to a Parallel Channel. The “Parallel Channel” here refers to a TA pattern that forms whenever an asset’s price trades between two parallel trendlines. Related Reading: Bitcoin At Key Retest: Bounce Or $98,000 Next? The upper line of the pattern is assumed to be a source of resistance, so tops can be likely to occur during retests of it. Similarly, the bottom level can provide support to the price, helping it to rebound. Now, here is the chart shared by Martinez that shows the Parallel Channel that the 3-day price of Ethereum has been trading inside for the last few years: As displayed in the above graph, Ethereum retested the upper level of the Parallel Channel earlier in the year, but found rejection at it. The asset has since slipped down and arrived near the line, sitting a distance equal to three-fourths the height of the channel from the lower line. The analyst has noted that a dream scenario could be for ETH to find a rebound around here and smash past the $4,900 level, corresponding to the upper boundary of the Parallel Channel. Generally, Parallel Channel breakouts signal a continuation of the trend in that direction. This means that a surge above a Parallel Channel’s resistance can be considered a bullish sign, while a fall under the support level may lead to bearish action. Parallel Channel breakouts can be of the same length as the height of the channel. As Martinez has highlighted in the chart, if ETH can break past the $4,900 mark, it may go all the way up to $8,000, corresponding to this length. For now, Ethereum is heading down, so it only remains to be seen whether its price will be able to find a rebound in the near future and retest the upper boundary of the Parallel Channel. Related Reading: Dogecoin Plunges To $0.18 As Whales Sell 440 Million DOGE ETH isn’t the only cryptocurrency that has been following a Parallel Channel in its 3-day chart. As the analyst has pointed out in another X post, Solana has also been trading inside the same type of channel on this timeframe. “Solana needs to reclaim $200 to confirm strength,” explained Martinez. “Only then a rebound to $260 comes into play.” ETH Price At the time of writing, Ethereum is trading around $3,700, down almost 11% over the last week. Featured image from Dall-E, charts from TradingView.com
Caution In The Crypto Market: Expert Warns Of Bearish Phase Unfolding This November
November has kicked off on a negative note for crypto prices, with Bitcoin (BTC) briefly dipping toward $105,000 on Monday. This decline has sparked a renewed sense of bearish sentiment among investors, and experts caution that conditions could worsen in the coming days. November Deadline Approaches Market expert CryptoBirb recently expressed concerns on social media platform X (formerly Twitter), noting that the market is already ten days into a bearish cycle. According to CryptoBirb, diving into on-chain data, the more alarming the picture appears. Related Reading: Solana Price Drops Below $180 Despite $199M ETF Inflows, What’s Behind the Decline? CryptoBirb’s analysis begins with cycle peak data: it has been 1,078 days since the low in November 2022, which is 101.2% of the crypto cycle complete. Additionally, it has been 563 days since the last Halving, with 45 days remaining within the typical 518 to 580-day peak range. Alarmingly, the anticipated rally leading to this peak has not materialized, and there are only 17 days left before the window for a peak closes on November 20. Missed breakouts during this time frame have signaled the end of previous bullish cycles. When comparing the current situation to the 2017 cycle, it is noted that Bitcoin reached its peak on December 17, 2017, 1,068 days after its low. With BTC now 1,078 days into the current cycle, the chances of a late top are diminishing with each passing day that the cryptocurrency remains below $113,000. From a performance standpoint, Bitcoin is down 16% from its all-time high of $126,200 and has only gained 8.2% year-to-date. The market’s leading crypto has faced repeated rejections near the $113,000 to $114,000 range and is currently trading below the 200-day simple moving average (SMA) of $109,882. Historically, November typically sees an average gain of 17.5%, with positive performance in 10 out of the last 15 years. However, the expert points that when November begins in the red, it often indicates that the cycle is already shifting. Potential Bullish Factors Amid Ongoing Crypto Concerns Adding to this bearish sentiment, DeFi researcher DeFiIgnas has outlined several factors complicating the crypto market’s trajectory. These include what he calls “the speculative nature of the artificial intelligence (AI) bubble,” the failure of bullish news to invigorate crypto prices, uncertainty surrounding entities that collapsed after the October 10 crash, and the cyclical nature of the market. Additionally, the selling activity from long-term holders and negative crypto exchange-traded funds (ETF) flows contribute to the prevailing concerns. Related Reading: XRP Bear Signal Triggered: Will The Top Altcoin Drop 70-80% From Here? Despite these challenges, DeFiIgnas also identified some potential bullish factors that could foster recovery instead of further declines. These include easing liquidity and interest rate cuts by the Federal Reserve (Fed), a lack of euphoria in the crypto space, slow but steady institutional adoption, and the potential passage of a US crypto market structure bill. Historically strong performance in the fourth quarter, stablecoin supply at all-time highs, and a recent US trade deal with China could also provide a counterbalance to the prevailing bearish sentiment. Featured image from DALL-E, chart from TradingView.com