- Crypto expert Ali predicts Ethereum’s potential rise to $3,500 on platform X.
- Ethereum’s optimal buy range identified between $2,150 and $1,900, says Ali.
- Ether’s price targets align with Fibonacci levels, could surpass May 2022 high.
An esteemed crypto market expert known as Ali on the platform X (previously known as Twitter) has observed an important pattern on the daily chart of Ethereum
Ali suggests that the price corridor from $2,150 to $1,900 may serve as the optimal area for gathering holdings in anticipation of ETH, aiming for a loftier goal of $3,500. This span marks the closest past resistance marks that have been transformed into support levels for Ether’s upward trajectory. Additionally, this band encompasses the important round-figure price point of $2,000, which is a significant zone for Ether.
Coincidentally, the Fibonacci retracement levels on Ether’s daily chart, as Ali pointed out, correspond with several historically important price points. For example, the 61.8% Fibonacci retracement level is at $2,529, which is close to the psychologically significant level of $2,500. In the same way, the 78.6% retracement level is at $3,372, which is close to a past resistance level of $3,582 set in April 2022.
Based on his examination of the charts and annotations, Ali anticipates that Ether will surpass the closest Fibonacci resistance level on the upside, then perform a retest to establish that level as support, and subsequently continue its ascent towards the subsequent Fibonacci level, which is just below the $3,500 threshold.
Should Ali’s forecast come to pass, Ether would reach its highest value since May 2022. Hitting a price of $3,500 would mean that Ether has realized a gain exceeding 200% in 2023, as per information from TradingView.
At the moment of this report, the primary alternative cryptocurrency was exchanging hands at $2,208, following a nearly two-week-long price correction period. This adjustment period resulted in ETH retreating from its annual peak of $2,403 after a substantial surge, where the leading altcoin experienced a nearly 60% increase in value from October 12 to December 9, 2023.
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