Ethereum Price On the Brink of Breakout! $11.3k Target Could be Imminent!

Ethereum Price On the Brink of Breakout! $11.3k Target Could be Imminent!

The global crypto space is making some serious moves over the last week with 10.8% profits reaching a $2.50 trillion market cap. However, Bitcoin’s dominance has risen by 0.66% taking BTC price level to the $62,000 milestone on 15th October 2021. 

Besides, its counterpart Ethereum with top-notch performance surpassed the $3,800 price level with 7.74% gains over the last week. The altcoin on the other hand is showing the potential signs to go hand in hand with Bitcoin.

Analyst Predicts Ethereum to Surge Beyond $11k! 

Popular crypto analyst Micheal Van de Poppe made an exciting prediction for the altcoin. He said ETH/USDT trading pair is retesting at a very crucial resistance between $3.8k to $4k, break out could give a rapid boost to the price action. He added altcoin is partially reflecting the footsteps of Bitcoin as it has previously done in 2017. Hence, according to the analyst, the asset could range between $6k and $8.7k in the upcoming bull run.  

He went on to say if the digital coin closes major Fibonacci levels of 3.618 and 4.618 then the asset could take an upswing varying between $11.3k and $14k. Further, addressing Bitcoin’s recent bull rally, he manifested that if it continues to rally by 20% more, then Ethereum could follow and leg up by 10%. On the contrary, the analyst mentioned a strong support area for the altcoin between $2.9k and $3.3k

Also Read : Bitcoin Price Breaks $60k Levels ! BTC Price Predicted To 10x Soon !

Ethereum Breaks Double Top Pattern!

The second-largest crypto-asset experienced a phenomenal increase in the weekly trade volume of 7.03%. At present, the altcoin is in a strong consolidation phase around $3,863. There seems to be a lack of FOMO as the selling pressure is pretty dominant. In a one-hour chart, there are a considerable number of red candles.

If the buyers come forward showing interest in the asset then the asset is anticipated to surpass a major resistance level of $4,042. On the flip side, the asset could fall well below $4,000. A comfortable support zone for the asset could be between $3,500 and $4,000.

On the other hand, the total value in the ETH 2.0 deposit contract recorded an ATH of over $30 trillion. As the upgrade is programmed to launch any time soon. This could act as a major catalyst in the coming days. Hence, the altcoin has the strong potential to reach new highs.

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