Analyst Forecast Ethereum (ETH) Breakout To $6,900 As Price Retests Crucial Resistance 📈
As the crypto market recovers, Ethereum (ETH) aims to solidify the $4,500 level as support after overcoming recent lows. Analysts see this as a prelude to a potential 50% rally in Q4.
Key levels identified include $4,500 and $4,750. Their importance stems from market watch analyses highlighting the UTXO Realized Price Distribution metric. However, a setback at this stage may revisit supports around $4,250, posing a risk if ETH dips further.
Market watcher Lluciano noted ETH's triangle formation since August, suggesting a breakout could lead to new highs above $5,000. Another analyst, Titan of Crypto, eyes a bull flag pattern, potentially propelling ETH toward $6,900.
Rekt Capital emphasized ETH's positioning at key monthly and weekly closes. Despite September closing above $4,100, he stresses stabilizing at $4,200 can fuel further growth. A close above $4,600 scenario has occurred in past cycles.
Currently, ETH trades around $4,502, showcasing a daily uptick of 4.1%.
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