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- Ethereum’s market patterns from 2023 are repeating, suggesting potential for a substantial rally by the end of 2024.
- Ethereum whales are shifting strategies, creating an opportunity for new traders and investors as bullish momentum builds.
Ethereum appears to be poised for another large gain, according to famous analyst Javon Marks. In a recent tweet, Marks noted that Ethereum appears to have reproduced a 2023 trend that resulted in a more than 165% increase.
This trend, he argues, might be the blueprint for another significant gain in the crypto market, perhaps paving the way for a big increase in Ethereum’s price.
Potential Breakout Could Propel Ethereum Toward an $8,100 Target in 2024
Ethereum’s current price objective is $4,723.5, and a break above this level might trigger a far higher target of $8,100 or more.
Marks stressed that this may roughly double, if not exceed, the price of Ethereum. His conclusion, based on previous performance and current market patterns, is consistent with increased optimism about Ethereum as we approach the fourth quarter of 2024.
Ethereum is currently trading around $2,297.64, up 0.29% over the last 24 hours, as it looks to recover from a four-week bearish movements. This modest upward advance may herald the commencement of a longer-term rebound, assuming market circumstances continue well.
Beyond the price analysis, market signs point to a more hopeful picture for Ethereum. Previously, CNF has reported renewed interest in Ethereum options, adding to hopes for a solid Q4 performance.
The acquisition of almost 20,000 options contracts, with a target price of $3,000 by December 27, 2024, reflects increased optimism that Ethereum will have a strong end to the year. This strategic posture suggests that both traders and investors are bracing for a possibly big upward movement in Ethereum’s price.
However, there have been some noticeable alterations in Ethereum’s overall market behavior. Since early July, Ethereum whales, or large cryptocurrency investors, have shifted from a trend of accumulation to redistribution.
This change might be interpreted as a reflection of changing market conditions, with whales adjusting their methods as Ethereum’s price has fluctuated.
