Ethereum continues to struggle to overcome the resistance that has risen to $3,000, with the bears holding the price firmly in place. Nevertheless, the bullish sentiment surrounding Ethereum price remains intact. This suggests that investors still expect prices to recover from the current decline. Cryptocurrency analyst Master Ananda has a more bullish view on cryptocurrencies, predicting that five digits will remain in the future.
Ethereum price exceeds $10,000
Master Ananda explains in his analysis that the Ethereum story is not over yet. Cryptocurrency analysts have pointed out that Ethereum price charts are showing trend-based Fibonacci expansion numbers. These suggest that Ethereum price is starting to prepare for another big rally.
Following this trend, analysts believe that the price of digital assets will reach five digits. However, even though $10,000 is becoming less visible with each passing day, Master Ananda says it does not look like an all-time high price target for Ethereum. Instead, he said $10,000 is only a “moderate” target and expects prices to rise further.
Crypto analysts currently see the price rising to $20,000, as opposed to the $10,000 target that Ethereum is predicted to reach. Such a recovery would mean the price of Ethereum would rise by over 900%, potentially triggering an altcoin season, as has been the case in the past.
Looking at the chart, there are several major resistance levels that the bears could resist. The first one is around $4,900 and the current high is here. Further down the line, resistance appears at $10,690. This is a natural resistance as $10,000 is expected to be a big psychological level.
At the end of this massive rally, we see buds of resistance that could send Ethereum price crashing to $20,000. This is expected to be the peak before the cryptocurrency enters another bear market.
As for when this will happen, crypto analysts explain that investors won’t have to wait long for this to happen. “You don’t have to wait 4 years for this event to happen. It all starts now…Ethereum is on its way to a $20,000 goal,” the post reads.
Featured image from Dall.E, chart from TradingView.com
