{"id":650095,"date":"2024-10-27T13:30:32","date_gmt":"2024-10-27T13:30:32","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=650095"},"modified":"2024-10-27T09:19:55","modified_gmt":"2024-10-27T09:19:55","slug":"ethereum-prepares-for-potential-rally-to-6000-analyst-says","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/ethereum\/ethereum-prepares-for-potential-rally-to-6000-analyst-says\/","title":{"rendered":"Ethereum Prepares For Potential Rally To $6,000, Analyst Says"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Following a slight price dip on Friday, Ethereum (ETH) has displayed much resilience climbing by 2.84% in the past 24 hours. Commenting on the altcoin\u2019s possible next movements, crypto analyst Ali Martinez has painted a potential trajectory to a new all-time high at $6,000.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/ethereum\/ethereum-underperforming-dont-blame-network-leadership\/\" target=\"_blank\" rel=\"noopener \">Ethereum Underperforming, Don\u2019t Blame The Network Or Leadership: Here\u2019s Why<\/a><\/div>\n<h2><strong>Ethereum Now At Critical Support Zone &#8211; Here\u2019s Why<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In <a href=\"https:\/\/x.com\/ali_charts\/status\/24853054\" target=\"_blank\" rel=\"noopener nofollow\">an X post<\/a> on Saturday, Martinez shares that Ethereum is currently testing a<a href=\"https:\/\/shenyangcang.com\/analysis\/eth\/ethereum-price-hurdles-2550\/\" target=\"_blank\" rel=\"noopener \"> key support level at $2,400<\/a>. Notably, Ethereum slipped to around $2,410 on Friday and has since remained in this price zone following a recent rejection at $2,500.\u00a0<\/span><span style=\"font-weight: 400\">According to Ali Martinez, ETH must maintain support at $2,400 to avoid breaking an ascending channel that stretches as far back as July 2023.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Ethereum<\/a> is testing a key support zone at $2,400. If this level holds, we might see <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> aiming for the channel&#8217;s upper boundary near $6,000! <a href=\"https:\/\/t.co\/W8J8WVy5CL\" rel=\"nofollow\">pic.twitter.com\/W8J8WVy5CL<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/24853054?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 26, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Based on the analyst\u2019s trading chart, a successful retest at the specified support zone will allow ETH to surge above the $3,000 mark before experiencing a consolidation between $3,350 &#8211; $3,750. <\/span><span style=\"font-weight: 400\">Thereafter, another price breakout will occur which should push Ethereum\u2019s price to the upper end of its ascending channel around $6,000, indicating a potential 142% gain on the asset\u2019s current market price.<\/span><\/p>\n<p>However, If Ethereum bulls fail to hold the support at $2,400, the altcoin could fall by 40% finding a new support level at $1,500. To avoid significant losses in this high \u201crisk to reward\u201d situation, Ali Martinez <a href=\"https:\/\/x.com\/ali_charts\/status\/43601766\" target=\"_blank\" rel=\"noopener nofollow\">has advised<\/a> traders to put a stop loss between $2,150 &#8211; $2,300.<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_650096\" aria-describedby=\"caption-attachment-650096\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-650096 size-large\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=860&#038;resize=860%2C558\" alt=\"Ethereum\" width=\"860\" height=\"558\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=2286 2286w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=2048 2048w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-650096\" class=\"wp-caption-text\">Source: ali_charts on X<\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/bitcoin\/ethereum-outperform-bitcoin-solana\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible?<\/a><\/div>\n<h2><strong>Coinbase Premium Negative Index Signals Bearish Sentiment For ETH Market<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In other news, CryptoQuant analyst Darkfost <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/671d600235715d4d125bb33a-ETH-Institutionals-and-whales-are-selling-as-the-Coinbase-Premium-Index-is-highl\" target=\"_blank\" rel=\"noopener nofollow\">has noted<\/a> that the Ethereum Coinbase Premium Index is currently at -2 and is highly negative. According to Darkfost, this development indicates that <a href=\"https:\/\/shenyangcang.com\/ethereum-news\/survey-finds-almost-70-of-ethereum-institutional-investors-engaged-in-eth-staking\/\" target=\"_blank\" rel=\"noopener \">US institutional investors<\/a> or market whales are currently aggressively offloading their ETH holdings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">For short-term traders, this is a strong bearish signal as Ethereum is likely to experience a downtrend in the coming days. However, Darkfost states that long-term traders may want to utilize such price decline as a perfect accumulation opportunity.<\/span><\/p>\n<p>At the time of writing, ETH trades at $2,473 per unit. While the altcoin might have recorded a minor gain in the past day, a decline of 6.47% and 6.27% in the last seven and thirty days, respectively, still leaves much for investors to desire. In addition, Ethereum&#8217;s daily trading volume, valued at $12.22 billion, reflects a\u00a0 48.27% decline representing a reduced market liquidity and potential heightened price volatility.<\/p>\n<figure style=\"width: 1479px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/iC2fHscU\/\" alt=\"Ethereum\" width=\"1479\" height=\"893\"><figcaption class=\"wp-caption-text\">ETH trading at $2,476 on the daily trading chart | Source: ETHUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<p><em>Featured image from Dribble, chart from Tradingview<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a slight price dip on Friday, Ethereum (ETH) has displayed much resilience climbing by 2.84% in the past 24 hours. Commenting on the altcoin\u2019s possible next movements, crypto analyst Ali Martinez has painted a potential trajectory to a new all-time high at $6,000. Related Reading: Ethereum Underperforming, Don\u2019t Blame The Network Or Leadership: Here\u2019s Why Ethereum Now At Critical Support Zone &#8211; Here\u2019s Why In an X post on Saturday, Martinez shares that Ethereum is currently testing a key support level at $2,400. Notably, Ethereum slipped to around $2,410 on Friday and has since remained in this price zone following a recent rejection at $2,500.\u00a0According to Ali Martinez, ETH must maintain support at $2,400 to avoid breaking an ascending channel that stretches as far back as July 2023. #Ethereum is testing a key support zone at $2,400. If this level holds, we might see $ETH aiming for the channel&#8217;s upper boundary near $6,000! pic.twitter.com\/W8J8WVy5CL \u2014 Ali (@ali_charts) October 26, 2024 Based on the analyst\u2019s trading chart, a successful retest at the specified support zone will allow ETH to surge above the $3,000 mark before experiencing a consolidation between $3,350 &#8211; $3,750. Thereafter, another price breakout will occur which should push Ethereum\u2019s price to the upper end of its ascending channel around $6,000, indicating a potential 142% gain on the asset\u2019s current market price. However, If Ethereum bulls fail to hold the support at $2,400, the altcoin could fall by 40% finding a new support level at $1,500. To avoid significant losses in this high \u201crisk to reward\u201d situation, Ali Martinez has advised traders to put a stop loss between $2,150 &#8211; $2,300. &nbsp; Related Reading: Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible? Coinbase Premium Negative Index Signals Bearish Sentiment For ETH Market In other news, CryptoQuant analyst Darkfost has noted that the Ethereum Coinbase Premium Index is currently at -2 and is highly negative. According to Darkfost, this development indicates that US institutional investors or market whales are currently aggressively offloading their ETH holdings.\u00a0 For short-term traders, this is a strong bearish signal as Ethereum is likely to experience a downtrend in the coming days. However, Darkfost states that long-term traders may want to utilize such price decline as a perfect accumulation opportunity. At the time of writing, ETH trades at $2,473 per unit. While the altcoin might have recorded a minor gain in the past day, a decline of 6.47% and 6.27% in the last seven and thirty days, respectively, still leaves much for investors to desire. In addition, Ethereum&#8217;s daily trading volume, valued at $12.22 billion, reflects a\u00a0 48.27% decline representing a reduced market liquidity and potential heightened price volatility. Featured image from Dribble, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":650097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[87818,93283,1946,8686,78803],"class_list":["post-650095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ali-martinez","tag-coinbase-premium-index","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Prepares For Potential Rally To $6,000, Analyst Says<\/title>\n<meta name=\"description\" content=\"Commenting on Ethereum possible next movements, Ali Martinez has painted a potential trajectory to a new all-time high at $6,000.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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