Crypto analyst Poseidon (@CryptoPoseidonn) has immune an in depth value prediction for Ethereum (ETH). His research, brought to his 123,000 fans on social media platform X, revolves across the pivotal $2,160-$1,900 value dimension which has traditionally served as a vital high-timeframe (HTF) aid because the summer season of 2021.
ETH Value Research: $8,000 Is Imaginable If …
In keeping with Poseidon, Ethereum just lately retested what he describes because the “most crucial support level on the chart” nearest a vital breakout previous within the pace. This value zone has constantly acted as a key battleground for bulls and bears, making it a central focal point of technical research. “Early in 2024, we broke out of this level, leading to a substantial price increase because this was the only resistance holding us back. Now, after 200 days, we are back at the same level, and for me, buying ETH here is an opportunity,” Poseidon striking in his research.
Homogeneous Studying
The resilience of the $1,900 aid stage is important to Ethereum’s bullish outlook. A breach underneath this stage with out fast fix would most probably point out a cycle govern and may just precipitate a let go to as little as $1,000, marking a vital reversal within the prevalent marketplace development. Alternatively, Poseidon assesses this possibility as low, expressing self belief within the aid’s reliability: “I find this scenario highly unlikely. I believe the price will bottom out in this range, marking a significant HTF low.”
Taking a look ahead, Poseidon units conditional objectives that depend on Ethereum reclaiming and stabilizing above positive value thresholds. To begin with, ETH must breach the $3,000 mark, adopted through $3,500, to poised the degree for a possible rally to untouched highs. “If we manage to surpass $5,000, I think $7,000-$8,000 is realistic. Although I believe we could go much higher, anything above $8,000 would be risky for me to stay in longs. I’d be extremely cautious and would sell quickly if the daily trend breaks down,” he mentioned.
To justify those objectives, Poseidon employs Fibonacci retracement ranges, a usual instrument amongst investors for predicting possible reversals, aid, and resistance ranges in accordance with prior marketplace actions. Those projections, then again, are contingent in the marketplace keeping up its construction with out vital development breaks.
Homogeneous Studying
The transition to a bullish marketplace section for Ethereum hinges on a number of key technical signs. First, Ethereum must reclaim and store the 200-day EMA to sign nutritious momentum. 2d, the crypto asset should preserve aid above the dimension low which is an important for persevered bullish sentiment. 3rd, overcoming the day-to-day provide zone from $3,100 to $3,200 will most probably check Ethereum’s resilience, which if a hit, may just solidify the asset’s upward trajectory.
Poseidon elaborates at the demanding situations of this bullish turn, noting the wave bearish sentiment and the trouble of breaking above those resistance ranges. “While we’re sitting at a strong weekly and monthly support level, we’re still in a downtrend. To confirm this level as the bottom, we need to shift the daily trend to bullish again.”
Including to his technical research, Poseidon highlights the H8 time frame and its EMA200 because the “GOAT” (Largest of All Future) for development choice. “I’ve studied the H8 EMA200 on ETH since 2018, compared it with other EMAs and timeframes, and I can confidently say that the H8 EMA200 is the GOAT,” he asserts. This actual time frame and shifting moderate lend a novel perception into shorter-term value actions and are key to Poseidon’s buying and selling technique.
At press date, ETH traded at $2,753.90.
Featured symbol created with DALL.E, chart from TradingView.com
