- Ethereum is showing strong bullish momentum, with analysts suggesting a potential surge to $5,650 if it overcomes key resistance levels.
- However, failure at the 200 EMA could lead to a pullback toward $2,000-$2,100.
Ethereum’s Path to $5,650: Fantasy or Reality?
Ethereum (ETH) has captured the market’s attention as a top analyst draws an unusual comparison between ETH’s recent price structure and the 1989-1990 SPX fractal. This bold analysis suggests that Ethereum could be on the verge of a massive price expansion, potentially reaching $5,650. But is this just a fantasy target, or is there a real possibility for ETH to achieve this milestone?
Breaking Down the Current Momentum
Ethereum has shown strong upward momentum, shattering multiple resistance levels. The cryptocurrency has surged above $2,300 on the daily chart, breaking through the 100 EMA and approaching the 200 EMA around $2,500. These exponential moving averages (EMAs) are critical indicators, with the 50 and 100 EMAs now acting as strong support levels at approximately $2,100 and $2,300, respectively.
Notably, volume has surged alongside this price movement, signaling that the rally is backed by genuine buying interest rather than mere speculation. The Relative Strength Index (RSI) is nearing overbought territory, a typical occurrence during strong upward moves.
Key Resistance Levels and Price Targets
For Ethereum to achieve the ambitious $5,650 target, it must overcome several significant resistance levels:
- $3,000 – a psychological barrier.
- $3,600 – a swing high.
- $4,800 – the all-time high range.
A breakthrough above these levels could propel ETH toward the target, but each resistance will test its strength.
The Risk of Rejection
However, this bullish scenario is not guaranteed. If Ethereum faces rejection at the 200 EMA, it may retrace to the $2,000-$2,100 support range. This would signal a short-term setback but not necessarily invalidate the broader uptrend.
Fantasy Target or Real Potential?
While the $5,650 price prediction may seem ambitious, the current bullish momentum and strong technical structure suggest that ETH is well-positioned for further gains. Investors should keep a close eye on the key resistance levels and the 200 EMA as the next critical hurdle. Whether this fantasy target becomes a reality remains to be seen, but Ethereum’s strong performance is impossible to ignore.
