Crypto analyst Poseidon (@CryptoPoseidonn) has launched an in depth value prediction for Ethereum (ETH). His evaluation, delivered to his 123,000 followers on social media platform X, revolves across the pivotal $2,160-$1,900 value vary which has traditionally served as a major high-timeframe (HTF) help for the reason that summer season of 2021.
ETH Worth Evaluation: $8,000 Is Potential If …
In keeping with Poseidon, Ethereum just lately retested what he describes because the “most crucial support level on the chart” after a major breakout earlier within the yr. This value zone has constantly acted as a key battleground for bulls and bears, making it a central focus of technical evaluation. “Early in 2024, we broke out of this level, leading to a substantial price increase because this was the only resistance holding us back. Now, after 200 days, we are back at the same level, and for me, buying ETH here is an opportunity,” Poseidon detailed in his evaluation.
Associated Studying
The resilience of the $1,900 help degree is crucial to Ethereum’s bullish outlook. A breach beneath this degree with out fast restoration would seemingly point out a cycle high and will precipitate a drop to as little as $1,000, marking a major reversal within the prevailing market development. Nonetheless, Poseidon assesses this threat as low, expressing confidence within the help’s reliability: “I find this scenario highly unlikely. I believe the price will bottom out in this range, marking a significant HTF low.”
Wanting ahead, Poseidon units conditional targets that depend on Ethereum reclaiming and stabilizing above sure value thresholds. Initially, ETH must breach the $3,000 mark, adopted by $3,500, to set the stage for a possible rally to new highs. “If we manage to surpass $5,000, I think $7,000-$8,000 is realistic. Although I believe we could go much higher, anything above $8,000 would be risky for me to stay in longs. I’d be extremely cautious and would sell quickly if the daily trend breaks down,” he acknowledged.
To justify these targets, Poseidon employs Fibonacci retracement ranges, a typical device amongst merchants for predicting potential reversals, help, and resistance ranges primarily based on prior market actions. These projections, nevertheless, are contingent available on the market sustaining its construction with out important development breaks.
Associated Studying
The transition to a bullish market section for Ethereum hinges on a number of key technical indicators. First, Ethereum must reclaim and maintain the 200-day EMA to sign strengthening momentum. Second, the crypto asset should preserve help above the vary low which is essential for continued bullish sentiment. Third, overcoming the every day provide zone from $3,100 to $3,200 will seemingly check Ethereum’s resilience, which if profitable, may solidify the asset’s upward trajectory.
Poseidon elaborates on the challenges of this bullish flip, noting the present bearish sentiment and the issue of breaking above these resistance ranges. “While we’re sitting at a strong weekly and monthly support level, we’re still in a downtrend. To confirm this level as the bottom, we need to shift the daily trend to bullish again.”
Including to his technical evaluation, Poseidon highlights the H8 timeframe and its EMA200 because the “GOAT” (Biggest of All Time) for development willpower. “I’ve studied the H8 EMA200 on ETH since 2018, compared it with other EMAs and timeframes, and I can confidently say that the H8 EMA200 is the GOAT,” he asserts. This specific timeframe and shifting common present a singular perception into shorter-term value actions and are key to Poseidon’s buying and selling technique.
At press time, ETH traded at $2,753.90.
Featured picture created with DALL.E, chart from TradingView.com
