The post Ethereum Price Primed for $4,000, Analyst Predicts “bottom is in” appeared on BitcoinEthereumNews.com.

The crypto market is gradually restoring its ‘Uptober’ sentiment as Bitcoin prices drive a high momentum rally towards $70,000. This renewed momentum has led crypto analysts to predict a bottom formation for Ethereum with a potential surge towards $4,000. However, the ETH price shows a slight dip of 2.73% today to reach $2,667 and a market cap of $322.2 Billion. The retracement coincides with a 72% surge in 24-hour trading volume, indicating that the risk of a correction remains present. Ethereum Price Set for $4,000 Rally as Analyst Calls the Bottom In a recent tweet, the crypto analyst McKenna shares a bullish outlook for the second-largest cryptocurrency, Ethereum, amid a recent price surge. The attached chart highlights the ETH price breakout from a symmetrical triangle pattern in the daily chart. Since August 2024, this chart setup has driven a consolidation trend within two converging trendlines, with a bullish breakout recorded last Sunday. After a notable consolidation, this upside breakout signals the Ethereum price has bottomed and is poised for a major rally. The crypto analyst emphasized the asset reclaiming $2850 would signal a risk-on environment for traders. Adding to the bullish sentiment, he noted, “If Trump wins in November, not only does a trending market get established once again, but it accelerates beyond everyone’s expectations.” If sustained, the Ethereum price prediction could drive a post-breakout rally above $3,600. McKenna ETH price analysis Ethereum MVRV Spike Signals Risk of Near-Term Sell-Off According to the Santiment data, the 30-day Market Value to Realized Value ratio (MVRV) had recently spiked above the 6%. This on-chain metric assesses whether an asset is overvalued or undervalued by comparing its current market price to the average price at which each token was acquired. The current positive value indicates the short-term buyers are sitting on notable unrealized…

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Filed under: News - @ October 21, 2024 10:09 pm