Ethereum Defies Correction Calls as Analysts Eye $5,000 Target by August
Main Idea
Ethereum (ETH) is showing potential for a breakout with analysts predicting significant price increases, including targets of $5,000 by August and new all-time highs this cycle.
Key Points
1. ETH is moving toward the upper bands of its two-week range-bound channel and could break out soon.
2. Analyst 'Byzantine General' revised his short-term downside prediction for ETH.
3. Benjamin Cowen predicts ETH could break $4,000 and reach $5,700 to $7,500 for new all-time highs this cycle.
4. 'Crypto GEMs' predicts ETH will reach $5,000 by the end of August, noting historical bullish trends post-Bitcoin halving.
5. Ethereum is currently testing the major $3,900 weekly resistance zone with RSI not yet in overbought territory.
6. Ethereum co-founder Joseph Lubin highlighted the ecosystem's growth and mission to integrate TradFi with DeFi.
7. ETH price rose 1.2% to $3,860 during the Thursday morning Asian trading session.
Description
Ethereum is holding on to recent gains and is not showing any signs of a short-term correction yet. The asset is currently moving toward the upper bands of its two-week range-bound channel and could break out soon. “I think I’m wrong about ETH getting some short-term downside,” crypto analyst ‘Byzantine General’ told his 236,000 X followers on Wednesday. “It’s too strong and refuses to print any significant correction,” they added, noting that derivatives funding rates were going negative. Fundi...
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