CrediBULL Crypto, a notable crypto analyst, has recently offered an in-depth analysis of Ethereum’s prospective price movements. According to this analyst, Ethereum, the second largest cryptocurrency by market cap, is poised to rise to $3,000. However, this optimistic projection comes with a caveat—the token is expected to experience a significant dip before reaching this milestone.
In a recent post on X, formerly known as Twitter, CrediBULL Crypto presented a detailed chart predicting Ethereum’s trajectory. The chart indicates that Ethereum will climb to $3,000 sometime in September, but only after it plunges below $2,500. The analyst elaborated on this forecast, explaining his rationale behind such a price movement.
CrediBULL Crypto attributes this impending fluctuation to an anticipated pullback in Bitcoin’s value. He suggests that this pullback will enable altcoins like Ethereum to undergo a “nice reset.” Specifically, Ethereum’s first downside target is projected to hover between $2,300 and $2,500. Should Ethereum breach this range, the token will likely aim for even lower lows.
The analyst further clarified that the optimal scenario for Ethereum would involve a drop to this initial downside target, followed by a rebound that propels it towards the $3,000 resistance level. This upwards move is expected to occur before Ethereum endures another substantial crash. Nevertheless, CrediBULL Crypto underscored that Bitcoin’s price actions are crucial to this forecast. Should Bitcoin experience a severe drop, Ethereum could plunge below the $2,300 to $2,500 range. Conversely, if Bitcoin’s correction is moderate, Ethereum may bounce within this range and achieve a higher high, as indicated in the chart.
CrediBULL Crypto also cautioned against opening new long positions on altcoins like Ethereum at their current price levels. Despite the temptation stemming from Bitcoin’s recent breakout above $60,000—which hints at another significant rally—the analyst advised prudence.
Another crypto analyst, Cousin Crypto, echoed a similarly bullish outlook for Ethereum. He suggested that the real excitement for the token hasn’t begun and that a major rally is imminent. According to his chart, Ethereum is expected to soar above $5,000 during this bull run, potentially initiating this ascent next month.
In concurrence, analyst Poseidon predicted that once Ethereum surpasses $3,000, an “expansion” phase will commence, carrying the token as high as $5,200. Poseidon believes this surge could occur by October, marking a new all-time high (ATH) for Ethereum, which currently stands at $4,800.
As of now, Ethereum is trading at around $2,703, reflecting a slight decline of nearly 1% in the past 24 hours, based on data from CoinMarketCap.
