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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum’s Price Teetering: Analyst Forecasts Surge Past $2,000 On One Condition

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Ethereum (ETH)

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Ethereum (ETH), the second-largest crypto by market capitalization, has been in the spotlight due to its price action. A notable crypto analyst, Pentoshi, shed light on the asset’s price trajectory, suggesting a possible uptick in value if current conditions prevail.

It is worth noting that this analyst’s predictions come at a time when Ethereum trails behind Bitcoin’s recent price rally. Notably, while Bitcoin has recorded a 12.5% increase over the past week, Ethereum’s gains are modest, rising by 8.4% during the same timeframe.

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Ethereum Price Bracket Significance

According to the analyst’s post, Ethereum’s immediate future could see an upward trend if it manages to close the week within a specific price range. The suggested target zone, between $1,796 and $2,148, is critical, as highlighted by Pentoshi.

Targeted price zone for Ethereum to close above $2,000.
The targeted price zones for Ethereum to close above $2,000. | Source: Pentoshi

Should ETH’s closing price fall within this bracket, the analyst posits a potential path cleared for Ethereum to reach or even surpass the $2,200 mark. While Ethereum lags Bitcoin’s recent performance, the analyst remains optimistic about its prospects.

Ethereum/Bitcoin price chart on TradingView
ETH/BTC price is moving sideways on the 4-hour chart. Source: ETH/BTC on TradingView.com

Pentoshi indicates that Ethereum is approaching a “demand zone,” on the BTC/ETH ratio. Notably, this could stimulate buying activity and influence its price positively.

$ETH
Closing this weekly back inside the range opens up the doors to $2,200

Despite it severely underperforming BTC it’s now beginning to enter the demand zone on the btc /eth ratio

BTC is bullish as long as above the 31.5-32.5k area thus I’ll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O

— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) October 29, 2023

Bitcoin’s Bullish Standpoint Maintained

Pentoshi is bullish on Bitcoin, the pioneer cryptocurrency, provided it remains above a particular threshold. The $31,500 and $32,500 area is highlighted as Bitcoin’s support zone. The analyst maintains that staying above this range could sustain the positive outlook on Bitcoin.

However, a dip below these levels would suggest re-evaluating this bullish analysis. Regardless, Bitcoin does not currently appear to be moving towards any support but instead seems to be pushing above any resistance. 

In just four days, the asset has climbed from a trading price of $34,000 last Thursday to a present trading value of $34,760 at the time of writing. It’s worth noting that BTC has embarked on a significant uptrend, ascending more than 20% in the last two weeks.

Related Reading

Bitcoin On-Chain Data Points To Bullish Outlook

The Hidden Signals: Bitcoin’s On-Chain Data Points To Bullish Outlook, But There’s A Catch

1 year ago

Ethereum has also experienced a rally but hasn’t matched Bitcoin’s momentum. Over the past 14 days, ETH has seen a 14.8% increase and is currently trading at $1,820, marking a 1.4% rise in the last 24 hours alone.

Ethereum (ETH) price chart on TradingView
Ethereum (ETH) price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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