Popular Analyst Predicts Major Breakout for Ethereum (ETH) on the Cards
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- Ethereum’s price has rebounded from a two-month decline in the last week.
- Partisans are bullish on ETH 2.0 and are targeting a price of $8,000 shortly.
Since its January lows, the price of Ethereum has risen almost 50%. The Ethereum blockchains native token, Ether, has recently shown indications of resurgence. The altcoin is benefiting from several fundamental factors.
Ethereum’s price has rebounded from a two-month decline in the last week and has already reached the $3,000 mark. Cryptocurrency analyst Benjamin Cowen predicted a significant breakout for Ethereum (ETH) this week. According to him, the ETH price range between $2,000 and $4,000 represents a major re-accumulation zone for a medium-term runway of higher prices.
Upcoming ETH 2.0 Crucial
It’s also predicted that the network’s different offerings would show greener candles. Additionally, Partisans are bullish on ETH 2.0 and are targeting a price of $8,000 shortly. As the price of ETH continues to rise steadily, the fear and greed index for Ethereum weighs more heavily on the greed side of things.
Every obstacle on its path to the $3,200 mark on the daily chart has been overcome by Ethereum. Bulls are fully expecting the next price drop to be taken out by them. Aiming for the $3,600 level, investors have successfully crossed the 50 SMA and the bearish sloping line.
More than 45 percent of Ethereum’s value has been wiped off since its all-time high on November 10. Since its November high, Bitcoin, the world’s most valuable digital currency, has fallen by more than half. However, prices reversed their downward trend in February.
However, if pricing fails to hold above $2,800 in the next few trading days, we might witness a further decline below $2,400. According to CoinMarketCap, the Ethereum price today is $3,195.23 USD with a 24-hour trading volume of $13,485,593,739 USD. Ethereum has been up 3.84% in the last 24 hours.
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