Despite Ethereum’s recent lackluster price performance, top crypto analysts are predicting a potential parabolic rise for the asset. Renowned crypto analyst Javon Marks recently posted an optimistic scenario on X, suggesting that Ethereum might be on the cusp of a significant surge, mirroring a pattern seen in 2023.
Marks believes Ethereum is poised to replicate a pattern that previously led to a more than 160% increase. In his post, Marks stated, “ETH looks to have replicated a pattern from 2023 that led into an over +165% climb, and it’s looking to be ‘GO TIME’ again.” He has set a target price of $4,723.5, indicating that a breakthrough above this level could potentially propel Ethereum to over $8,100, nearly doubling its current value.
However, Ethereum’s recent market performance has shown bearish tendencies. In the last 24 hours alone, ETH has declined by 4.5%, dropping below the $2,400 mark—a level it had briefly surpassed over the weekend.
While Marks’ forecast is bullish, other market analysts are cautioning about Ethereum’s critical support zones that must hold to prevent further declines. Another well-known crypto analyst, Ali, has identified a crucial support range between $2,290 and $2,360. Ali notes that this zone is significant as roughly 1.90 million addresses hold approximately 52.30 million ETH within this price range.
Ali warns that if Ethereum fails to maintain this support level, a sell-off could ensue, potentially driving the price down toward the $1,800 mark. A breach below this range would be detrimental, triggering a significant amount of liquidations and invalidating the bullish predictions, leading to a further downtrend and a substantial shift in market sentiment.
