{"id":650095,"date":"2024-10-27T13:30:32","date_gmt":"2024-10-27T13:30:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=650095"},"modified":"2024-10-27T09:19:55","modified_gmt":"2024-10-27T09:19:55","slug":"ethereum-prepares-for-potential-rally-to-6000-analyst-says","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-prepares-for-potential-rally-to-6000-analyst-says\/","title":{"rendered":"Ethereum Prepares For Potential Rally To $6,000, Analyst Says"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Following a slight price dip on Friday, Ethereum (ETH) has displayed much resilience climbing by 2.84% in the past 24 hours. Commenting on the altcoin\u2019s possible next movements, crypto analyst Ali Martinez has painted a potential trajectory to a new all-time high at $6,000.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-underperforming-dont-blame-network-leadership\/\" target=\"_blank\" rel=\"noopener \">Ethereum Underperforming, Don\u2019t Blame The Network Or Leadership: Here\u2019s Why<\/a><\/div>\n<h2><strong>Ethereum Now At Critical Support Zone &#8211; Here\u2019s Why<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In <a href=\"https:\/\/x.com\/ali_charts\/status\/24853054\" target=\"_blank\" rel=\"noopener nofollow\">an X post<\/a> on Saturday, Martinez shares that Ethereum is currently testing a<a href=\"https:\/\/uniquehot.com\/analysis\/eth\/ethereum-price-hurdles-2550\/\" target=\"_blank\" rel=\"noopener \"> key support level at $2,400<\/a>. Notably, Ethereum slipped to around $2,410 on Friday and has since remained in this price zone following a recent rejection at $2,500.\u00a0<\/span><span style=\"font-weight: 400\">According to Ali Martinez, ETH must maintain support at $2,400 to avoid breaking an ascending channel that stretches as far back as July 2023.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Ethereum<\/a> is testing a key support zone at $2,400. If this level holds, we might see <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$ETH<\/a> aiming for the channel&#8217;s upper boundary near $6,000! <a href=\"https:\/\/t.co\/W8J8WVy5CL\" rel=\"nofollow\">pic.twitter.com\/W8J8WVy5CL<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/24853054?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 26, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Based on the analyst\u2019s trading chart, a successful retest at the specified support zone will allow ETH to surge above the $3,000 mark before experiencing a consolidation between $3,350 &#8211; $3,750. <\/span><span style=\"font-weight: 400\">Thereafter, another price breakout will occur which should push Ethereum\u2019s price to the upper end of its ascending channel around $6,000, indicating a potential 142% gain on the asset\u2019s current market price.<\/span><\/p>\n<p>However, If Ethereum bulls fail to hold the support at $2,400, the altcoin could fall by 40% finding a new support level at $1,500. To avoid significant losses in this high \u201crisk to reward\u201d situation, Ali Martinez <a href=\"https:\/\/x.com\/ali_charts\/status\/43601766\" target=\"_blank\" rel=\"noopener nofollow\">has advised<\/a> traders to put a stop loss between $2,150 &#8211; $2,300.<\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_650096\" aria-describedby=\"caption-attachment-650096\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-650096 size-large\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=860&#038;resize=860%2C558\" alt=\"Ethereum\" width=\"860\" height=\"558\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=2286 2286w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/10\/Ga0zWSDasAAWP67.jpeg?w=1140 1140w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-650096\" class=\"wp-caption-text\">Source: ali_charts on X<\/figcaption><\/figure>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/ethereum-outperform-bitcoin-solana\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible?<\/a><\/div>\n<h2><strong>Coinbase Premium Negative Index Signals Bearish Sentiment For ETH Market<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In other news, CryptoQuant analyst Darkfost <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/671d600235715d4d125bb33a-ETH-Institutionals-and-whales-are-selling-as-the-Coinbase-Premium-Index-is-highl\" target=\"_blank\" rel=\"noopener nofollow\">has noted<\/a> that the Ethereum Coinbase Premium Index is currently at -2 and is highly negative. According to Darkfost, this development indicates that <a href=\"https:\/\/uniquehot.com\/ethereum-news\/survey-finds-almost-70-of-ethereum-institutional-investors-engaged-in-eth-staking\/\" target=\"_blank\" rel=\"noopener \">US institutional investors<\/a> or market whales are currently aggressively offloading their ETH holdings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">For short-term traders, this is a strong bearish signal as Ethereum is likely to experience a downtrend in the coming days. However, Darkfost states that long-term traders may want to utilize such price decline as a perfect accumulation opportunity.<\/span><\/p>\n<p>At the time of writing, ETH trades at $2,473 per unit. While the altcoin might have recorded a minor gain in the past day, a decline of 6.47% and 6.27% in the last seven and thirty days, respectively, still leaves much for investors to desire. In addition, Ethereum&#8217;s daily trading volume, valued at $12.22 billion, reflects a\u00a0 48.27% decline representing a reduced market liquidity and potential heightened price volatility.<\/p>\n<figure style=\"width: 1479px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/iC2fHscU\/\" alt=\"Ethereum\" width=\"1479\" height=\"893\"><figcaption class=\"wp-caption-text\">ETH trading at $2,476 on the daily trading chart | Source: ETHUSDT chart on Tradingview.com<\/figcaption><\/figure>\n<p><em>Featured image from Dribble, chart from Tradingview<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a slight price dip on Friday, Ethereum (ETH) has displayed much resilience climbing by 2.84% in the past 24 hours. Commenting on the altcoin\u2019s possible next movements, crypto analyst Ali Martinez has painted a potential trajectory to a new all-time high at $6,000. Related Reading: Ethereum Underperforming, Don\u2019t Blame The Network Or Leadership: Here\u2019s Why Ethereum Now At Critical Support Zone &#8211; Here\u2019s Why In an X post on Saturday, Martinez shares that Ethereum is currently testing a key support level at $2,400. Notably, Ethereum slipped to around $2,410 on Friday and has since remained in this price zone following a recent rejection at $2,500.\u00a0According to Ali Martinez, ETH must maintain support at $2,400 to avoid breaking an ascending channel that stretches as far back as July 2023. #Ethereum is testing a key support zone at $2,400. If this level holds, we might see $ETH aiming for the channel&#8217;s upper boundary near $6,000! pic.twitter.com\/W8J8WVy5CL \u2014 Ali (@ali_charts) October 26, 2024 Based on the analyst\u2019s trading chart, a successful retest at the specified support zone will allow ETH to surge above the $3,000 mark before experiencing a consolidation between $3,350 &#8211; $3,750. Thereafter, another price breakout will occur which should push Ethereum\u2019s price to the upper end of its ascending channel around $6,000, indicating a potential 142% gain on the asset\u2019s current market price. However, If Ethereum bulls fail to hold the support at $2,400, the altcoin could fall by 40% finding a new support level at $1,500. To avoid significant losses in this high \u201crisk to reward\u201d situation, Ali Martinez has advised traders to put a stop loss between $2,150 &#8211; $2,300. &nbsp; Related Reading: Crypto Analyst Says Ethereum Will Outperform Bitcoin And Solana, Is $12,000 Possible? Coinbase Premium Negative Index Signals Bearish Sentiment For ETH Market In other news, CryptoQuant analyst Darkfost has noted that the Ethereum Coinbase Premium Index is currently at -2 and is highly negative. According to Darkfost, this development indicates that US institutional investors or market whales are currently aggressively offloading their ETH holdings.\u00a0 For short-term traders, this is a strong bearish signal as Ethereum is likely to experience a downtrend in the coming days. However, Darkfost states that long-term traders may want to utilize such price decline as a perfect accumulation opportunity. At the time of writing, ETH trades at $2,473 per unit. While the altcoin might have recorded a minor gain in the past day, a decline of 6.47% and 6.27% in the last seven and thirty days, respectively, still leaves much for investors to desire. In addition, Ethereum&#8217;s daily trading volume, valued at $12.22 billion, reflects a\u00a0 48.27% decline representing a reduced market liquidity and potential heightened price volatility. Featured image from Dribble, chart from Tradingview<\/p>\n","protected":false},"author":581,"featured_media":650097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[87818,93283,1946,8686,78803],"class_list":["post-650095","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-ali-martinez","tag-coinbase-premium-index","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Prepares For Potential Rally To $6,000, Analyst Says<\/title>\n<meta name=\"description\" content=\"Commenting on Ethereum possible next movements, Ali Martinez has painted a potential trajectory to a new all-time high at $6,000.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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