Ethereum (ETH) is the second largest cryptocurrency by market value and has attracted much attention due to its price trends. Famous cryptocurrency analyst Pentoshi revealed the price trajectory of the asset, indicating that if the current situation dominates, its value may rise
Ethereum (ETH) is the second largest cryptocurrency by market value and has attracted much attention due to its price trends. Famous cryptocurrency analyst Pentoshi revealed the price trajectory of the asset, indicating that if the current situation dominates, its value may rise.
It is worth noting that this analyst's prediction was made at a time when Ethereum lagged behind Bitcoin's recent price increase. It is worth noting that although Bitcoin has risen by 12.5% in the past week, Ethereum's growth is not significant, rising by 8.4% over the same period.
The Meaning of Ethereum Price Range
According to analysts' posts, if Ethereum can close within a specific price range, it may experience an upward trend in the near future. As Pentoshi emphasized, the recommended target area is between $1796 and $2148, which is crucial.
If the closing price of ETH falls within this range, analysts believe that Ethereum may reach or even exceed the $2200 mark. Despite Ethereum's recent performance lagging behind Bitcoin, analysts remain optimistic about its prospects.
Pentoshi stated that Ethereum is approaching the "demand zone" of BTC/ETH ratio. It is worth noting that this may stimulate purchasing activity and have a positive impact on its price.
$ETH
This week's close returned to the range, opening the door for $2200
Although its performance is significantly lower than that of BTC, it is now entering the demand area of BTC/ETH ratio
As long as it is above the 31.5-32.5k range, BTC will be bullish, so I will continue to hold a bullish bias
Bitcoin maintains a bullish stance
Pentoshi is optimistic about Bitcoin, a pioneering cryptocurrency, as long as it remains above a specific threshold. The $31500 and $32500 regions are emphasized as supporting areas for Bitcoin. Analysts believe that staying above this range may maintain the positive outlook for Bitcoin.
However, falling below these levels would suggest reassessing this bullish analysis. Anyway, Bitcoin currently does not seem to be moving towards any support level, but rather appears to be breaking through any resistance level.
In just four days, the asset has climbed from its trading price of $34000 last Thursday to its current trading value of $34760 at the time of writing this article. It is worth noting that BTC has started a significant upward trend, rising by over 20% in the past two weeks.
Ethereum has also experienced a rebound, but it has not matched the momentum of Bitcoin. In the past 14 days, ETH has risen by 14.8%, and the current trading price is $1820, which has increased by 1.4% in the past 24 hours alone.
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