Ethereum seems to be on a roll recently after BlackRock announced that it has filed for a Spot Ethereum ETF. The news of the filing propelled the price above the $2,000 level for the first time in six months, bringing the mega bulls out of the woodwork. In line with this, one analyst has predicted a major blowout for the ETH price that could send it to the coveted 5-figure mark.
Crypto analyst @AltstreetBet took to the X (formerly Twitter) platform to share their ultra-bullish outlook for the Ethereum price. Sharing the first chart on Thursday, November 9, the analyst revealed their targets for the ETH price in the short term.
The first price target for Ethereum was placed just below $3,000, while the second target came above $3,300. The analyst tagged the post saying “#ETH 1 Month. bearish target of ETH is 3-3.5k.” However, like with any analysis, there is a point that could invalidate the forecast and AltstreetBet outlines this invalidation mark below $1,691.
In a follow-up post, the crypto analyst doubles down on their bullish forecast for the Ethereum price, but on an even farther time frame. This time around, talking about what seems to be in the bull run, the analyst pus the price between $6,000 and $10,000.
Source: X The analysis seems to hinge on the Wave Theory which suggests five waves to each rally with the 5th wave always seeing a massive run for a digital asset. It is this 5th wave that the analyst expects to put the Ethereum price on the path toward $10,000.
“This target will end the macro wave 5 and complete cycle of ETH starting from Oct 2015. After this will be multi year bear market,” the analyst said. He further added that: “Since wave 1 and wave 3 are both extended, so wave 5 wont be that higher. 5k seems likely.”
Ethereum Turning Bullish By The Second The Ethereum price remains on an upward trajectory going into the weekend and the BlackRock Ethereum Spot ETF filing is one of the major drivers. With ETH’s price crossing $2,000, the majority of investors have now turned bullish.
ETH is currently clear of its 50-day moving average by about $300, solidifying its entry into a bull rally. Then on the 100-day and 200-day moving averages, ETH is holding steady above both, suggesting that the long-term is just as bullish as the short-term.
The Ethereum Fear & Greed Index also points toward rising greed, especially from Friday morning. As more investors are willing to put more money into the market, the price is expected to continue to rise. However, profit-taking is expected at this level which could trigger a dip.
ETH bulls turn $2,000 to support | Source: ETHUSD on Tradingview.com Featured image from FX Empire, chart from Tradingview.com
Sign Up for Our Newsletter! For updates and exclusive offers enter your email.
Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.