Crypto analyst CrediBULL Crypto has provided deep insights into what to anticipate from the Ethereum price motion going forward. The analyst predict that the second largest crypto token by market cap will still rise to $3,000 but noted that a crash will occur first.
Ethereum To Rise To $3,000 Soon Enough
In an X (formerly Twitter) post, CrediBULL Crypto shared a chart that showed that Ethereum would rise to $3,000 sometime in September. Nonetheless, the analyst’s chart also showed that Ethereum will drop below $2,500 before it enjoys this move to the upside. CrediBULL Crypto did well to elucidate why he believes that ETH’s price will follow such a trajectory.
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Source: X
Based on the analyst, Bitcoin will likely pull back soon, giving altcoins like Ethereum a “nice reset.” He stated that Ethereum’s first downside goal is around $2,300 and $2,500. CrediBULL Crypto added that Ethereum will goal range lows if it loses that range.
Nonetheless, the crypto analyst remarked that the perfect move is for Ethereum to drop to this primary downside goal after which bounce from there for an additional leg up, pushing it into the upper timeframe resistance at $3,000 before the “final” crash. Meanwhile, CrediBULL Crypto again noted that this projected move is dependent upon Bitcoin’s price motion.
As such, he warned that if Bitcoin “melts harder,” then ETH will likely lose the range between $2,300 and $2,500 and drop lower. However, if Bitcoin simply corrects “midway,” then Ethereum will see a bounce in that range and revel in one other higher high, which he highlighted on the chart.
Based on this chart setup, CrediBULL Crypto warned that opening fresh longs on altcoins like Ethereum at their current price level is a nasty idea. There is no such thing as a doubt that crypto bulls could also be tempted to make such a move, seeing as Bitcoin achieved a successful breakout above $60,000 over the weekend and appears ready for an additional massive rally to the upside.
The Real Fun Hasn’t Began For ETH
Crypto analyst Cousin Crypto suggested that the “fun” is yet to start out for Ethereum and that an enormous rally continues to be on the horizon for the crypto token. Based on the chart he shared, Ethereum continues to be set to rise above $5,000 in this bull run and will begin the rally to this price level next month.
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Source: X
Crypto analyst Poseidon echoed an identical sentiment, remarking that the “expansion” will begin once Ethereum flips $3,000. This expansion will take Ethereum as high as $5,200, a price level the analyst predicted the crypto token could reach by October. Such a price rally will mark a recent all-time high (ATH) for EtheETHreum, whose ATH is currently at $4,800.
On the time of writing, Ethereum is trading at around $2,7030, down almost 1% within the last 24 hours, in line with data from CoinMarketCap.
ETH price still holding $2,700 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com