- Ethereum (ETH) is gaining momentum, with a top analyst predicting a potential surge to $5,650 based on a historical SPX fractal pattern.
- The cryptocurrency has broken key resistance levels, but must overcome $3,000, $3,600, and its all-time high near $4,800 to reach this ambitious target.
Ethereum Bullish Potential: A Fantasy or Reality?
Ethereum (ETH) has been making headlines recently, with a top analyst predicting a potential surge to $5,650. The bold prediction is based on a unique comparison of Ethereum’s recent price structure with the 1989-1990 SPX fractal, a historical pattern that led to a massive bull run in the S&P 500. According to the analyst, Ethereum could be on a similar path, with the top of this “staircase” leading to the $5,650 target.
Ethereum’s Impressive Breakout
Ethereum has already displayed strong momentum, breaking through multiple resistance levels and surging past $2,300 on the daily chart. Most notably, ETH has cleared the 100 EMA (Exponential Moving Average) and is approaching the 200 EMA near $2,500, a key indicator of a long-term trend reversal.
The current price is well above the 50 and 100 EMAs, which provide support at around $2,100 and $2,300, respectively. Volume has surged, indicating strong buying interest, while the RSI (Relative Strength Index) is nearing overbought levels, a typical sign of a strong bullish trend.
Key Levels to Watch for Ethereum
Despite the excitement, Ethereum faces several critical resistance levels on its path to $5,650. It must first overcome psychological resistance at $3,000, then surpass the swing high at $3,600, and eventually reclaim its all-time high near $4,800.
If Ethereum maintains its current momentum and continues leading the altcoin market, this fantasy target could become a reality. However, if ETH is rejected at the 200 EMA, it may revisit the support range of $2,000-$2,100. For now, Ethereum’s breakout appears genuine, making it a cryptocurrency to watch closely in the coming weeks.
