- An analyst predicts Ethereum will double in value soon, citing strong buy volume and bullish market momentum.
- The key resistance level at $4,100 may lead to Ethereum’s historic upward breakout towards its next milestone.
Alan Santana, a popular crypto analyst, has made a bullish prediction about Ethereum’s future trajectory. Based on his analysis on TradingView, Ether (ETH) is likely to quadruple its price in a few weeks, much above earlier projections.
Santana emphasized that this is great news and supported his assertion with historical trading data and strong positive momentum.
Ethereum: Building Momentum for $8,000 Target
Driven by a spike in buy activity during a notable price gain last week, ETHUSDT reached the biggest trading volume since January 2023 last week. Santana noted that a key sign of increasing positive momentum is such great buy volume.
At about $4,101, the highest price noted in March 2024, ETH has a major resistance level. Santana observed that Bitcoin easily exceeded its March all-time high of $74,000, and he expects Ethereum to follow a similar trend.
As we recently reported, Santana’s latest trading ideas for XRPUSDT, where he effectively foresaw amazing development impacted by Bitcoin’s performance, confirm his optimism even more. He affirms that the same dynamics apply to ETHUSDT.
Ethereum will keep on its straight upward growth and reach a new all-time high (ATH). Ethereum will shortly exchange for $8,000. In bolstering his optimism, Santana cited the price movement of XRPUSDT and BTCUSDT as illustrations of how Ethereum’s bull trend might develop.
Meanwhile, at the time of writing, ETH is swapped hands at about $3,985.69, dancing near its psychological level of $4,000. Breaking this key level would fit Santana’s forecasts and maybe start a steady rising trend. The next significant turning point, $8,000, might redefine Ethereum’s market share.
Complementing the bullish sentiment, CNF previously reported BlackRock’s Ethereum (ETH) ETF, labelled ETHA, which has dominated the market with an $800 million inflow during only five trading sessions.
