Regardless of Ethereum (ETH)'s recent unappealing price performance, top crypto analysts suggest it might be on the verge of a parabolic rise. Javon Marks predicts a potential price surge due to a pattern replication from 2023.
Marks has set a target price of $4,723.5. Breaking this mark could push Ethereum over $8,100, doubling its current price. He suggests 2023's pattern could be the blueprint for another massive rise in the crypto market.
On the flip side, Ethereum's recent market performance shows bearish tendencies, declining by 4.5% in the past 24 hours and falling below $2,400.
Other analysts, like Ali, emphasize critical support zones between $2,290 and $2,360. This range is significant as 1.90 million addresses hold roughly 52.30 million ETH here. Breaching this support could trigger a sell-off, pushing the price further down to $1,800.
A breach below this support range would invalidate bullish predictions and shift market sentiment towards a downtrend.
