Despite recording multiple price declines in recent weeks, a crypto market expert believes that Ethereum (ETH) could still stage its biggest comeback in history. The analyst has projected a massive price spike toward $3,300, expecting it to occur within just a few weeks. He has attributed this bullish forecast to a recent shift in market dynamics, with buyers now returning after a long period of selling pressure and volatility.
Ethereum Forecasted To Nearly Double In Value Soon
A pseudonymous TradingView crypto analyst known as Mrlaimfx09 has shared a compelling, strongly bullish outlook for Ethereum’s price. At the top of his report, the expert boldly predicted that ETH is preparing for its greatest turnaround yet.
Sharing a price chart, Mrlaimfx09 showed that Ethereum was trading around $2,071 at the time of the analysis. The analyst noted that price action has been holding firmly within a key weekly demand zone following a sharp market sell-off that kept the ETH price stuck in an extended downtrend.
With selling pressure now seemingly fading, the analyst stated that buyers are finally returning to the market, helping to keep prices from falling even lower. He noted that this sudden shift in momentum suggests a bullish reversal could be forming for ETH, particularly if its price continues to defend the critical support area around $2,000.
Notably, Mrlaimfx09 predicted that if Ethereum can maintain strength above $2,000, it could eventually stage a successful recovery toward $3,000. Before that move, the analyst predicts a sharp rally toward the first liquidity target around $2,400. From there, he expects momentum to extend ETH’s bullish run back toward the $3,000 psychological level, before potentially pushing higher toward the upper target around $3,300. The analyst explained that each bullish level represents a key liquidation zone where the price could react during a recovery phase.
Even more interestingly, Mrlaimfx09 predicts that all of these upside moves could unfold in the coming weeks. He emphasized that Ethereum’s momentum is steadily shifting toward a more bullish outlook as its market structure stabilizes. The analyst also expects his projected reversal for Ethereum to form on the high-time frame (HTF).
A Possible Invalidation And Drop Below $2,000
On the more bearish side, Mrlaimfx09 has acknowledged the possibility of Ethereum completely invalidating its bullish structure and crashing downwards. He noted that if ETH’s price closes the week below the demand zone around $2,071, then the market should expect a major breakdown.
The analyst’s chart clearly shows this downside scenario, tracing a potential move toward the downside price target around $1,734. Notably, a drop to this level could represent a loss of more than 17% from current levels, further weakening Ethereum’s market structure FX. At the time of writing, the price of ETH is sitting around $2,090, reflecting steady volatility over the past few weeks and more than 2% in the last seven days.
from Bitcoinist.com https://ift.tt/q5yCNwA
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