Discussions about Ethereum’s next major price rally have emerged significantly within the crypto community following its recent upbeat strength in the past few days. With upside momentum gaining traction, there are speculations that ETH may rally soon. However, a recent development suggests otherwise.
Anticipated Major Rally For Ethereum Might Require More Patience
Ethereum’s next big upswing is widely believed to be just around the corner as evidenced by several bullish forecasts. Nonetheless, Ali Martinez, a market expert and investor, predicts that the notable much-anticipated move may take longer than the general market expects.
The expert points to a key market sentiment trend that implies that ETH could require more time to build the necessary momentum for its next price breakout. This forecast may also indicate that the altcoin may witness a period of consolidation before any substantial upward movement.
In the past two bull cycles when long-term holders went into greed, Ali Martinez highlighted that Ethereum climbed super high. Meanwhile, the metric shows that long-term holders’ mood is still in the early phases of belief.
Comparing the development in the ongoing cycle with the past cycles, the expert is confident that the altcoin’s next big move could still be ahead. Martinez’s forecast serves as a cautionary insight for traders and investors as ETH navigates the current volatile phase.
As optimism around ETH begins to build, Venturefounder, a crypto analyst has pointed out the digital asset’s path to a new all-time high. His forecast is part of a broader sentiment that ETH might be gearing up for a significant move upward.
After navigating Ethereum’s price action on the 3-week chart, Venturefounder believes that the altcoin will surge to $4,900. Furthermore, the expert solely attributes his forecast to a breakout from an impending chart formation, particularly the Cup and Handle pattern.
The chart shows that ETH has finally reached a weekly close of $3,800 as support. Even though it took the asset weeks to achieve the level, Venturefounder claims that the move was solid.
With ETH closing the week at $3,800 and the Cup and Handle pattern forming, the $4,900 level could be the next price target. Following the milestone, Venturefounder foresees other higher levels, such as $5,349, $6,457, and $7,238, by the end of the Q1 of 2025.
Is ETH’s Outlook Becoming Bearish?
Over the past week, ETH displayed a robust price performance, rising as high as $4,089 on Monday. However, its upside momentum appears to be slowing down, leading to a drop toward the $3,800 level.
This sudden drop has triggered a potential negative outlook for ETH in the short term as investors are gradually becoming pessimistic. Following the price drop of nearly 4% in the past day, its market cap and trading volume have also dropped by 3% and 13% in the same time frame.
Featured image from Unsplash, chart from Tradingview.com
