Crypto analyst Crypto Bullet has suggested that Ethereum's price could experience a significant increase of 38% in the near future. He pointed out that the 50-day Exponential Moving Average (50EMA) is currently the main barrier preventing ETH from achieving this price surge, but he believes a breakout may be imminent.
In a recent post on X, Crypto Bullet forecasted that Ethereum's price could soar to $3,500, representing a 38% rise. He emphasized the ongoing struggle between ETH and the 50EMA, asserting that overcoming this indicator is crucial for a potential surge. According to the analyst, historical data shows that breakouts typically result in an average price increase of 38%, which aligns with his target for Ethereum.
Additionally, Crypto Bullet had previously predicted that Ethereum might reach $3,300 following the formation of a Morningstar Candle pattern. He mentioned that while ETH was facing strong resistance at $2,500, he was confident that this barrier would eventually be surpassed, paving the way for a rally towards $3,300. With Ethereum now breaking through the $2,500 resistance level, the outlook remains optimistic for the cryptocurrency.
Following this breakthrough, Crypto Bullet stated in a recent update that Ethereum is attempting to surpass the 200-day Moving Average (MA), which lies between $3,000 and $3,300. He believes that this fifth attempt to break above this range is likely to succeed, potentially propelling ETH towards the $4,000 mark.
Meanwhile, another crypto analyst, Trader Tardigrade, has predicted that Ethereum is on the verge of entering a new bull run. He noted that ETH's daily candle closed above the $2,650 resistance level yesterday and opened above it today, indicating a bullish trend. His analysis suggests that Ethereum is breaking out from an ascending triangle, which could lead to a rise above the critical $3,000 threshold.
Crypto analyst Mikybull Crypto has also expressed confidence in a significant breakout for Ethereum, noting that the altcoin is currently trading within a range of $2,400 to $2,600. As of the latest data from CoinMarketCap, Ethereum is valued at approximately $2,670, reflecting a gain of over 7% in the past 24 hours.
