Ethereum is one of the top crypto assets that was hit the hardest in the just ended market-wide crypto crash, but there may be brighter days ahead.
Crypto analyst Ali on 12 October shared a chart that suggests the coin is ready to shoot to $4,400, a price level it has struggled to hold in the past.
A strong bullish move
After crashing below $3,700, Ethereum has recovered above $4,000 again. According to Ali’s chart, the asset only needed to hold the $3,800 level and it could bounce back to $4,400.
As of the time of writing this report, ETH is trading above $4,150, indicating that it is safely above the level it needed to hold for a further upward move.
Another analyst in a separate tweet also highlighted the $3,910 to $3,800 price level as key to Ethereum’s recovery.
He added that holding this level (which the coin already has) will send it towards $4,550, a target very close to that of Ali.
If the market maintains the current tempo, it may not be long before the target is reached and even surpassed, as many more traders are predicting that Ethereum is going higher.
New all-time high in November
Ethereum investors have been patient about the coin’s performance which has been slow and quite uneventful, but it seems the boring days are coming to an end.
One of the bullish ETH traders, Michaël van de Poppe has said the coin is likely to hit a new all-time high by November.
For the record, Ethereum reached the all-time high price of $4,964 in August this year, breaking the record high of 2021 after four years.
If the coin is to reach a new all-time high in November, we may be looking at a price of $5,000 or more, which will be a big milestone for investors.
What do you think?
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