Crypto Analyst Shows The Possibility Of The Ethereum Price Reaching $16,000

Ethereum’s bullish momentum has turn out to be more and more intense over the weekendwith the value rising above $4,100. This regular restoration follows a powerful restoration from the $3,500 area after a crash earlier this month.

Investor sentiment, as mirrored in buying and selling quantity and flows on stock exchangeshas turn out to be optimistic throughout the restoration. As Ethereum’s value motion begins to show bullish once more, a brand new technical evaluation shared by crypto analyst Freedomby40 on social media platform

The wave rely construction signifies a continuation section

Freedomby40’s evaluation, which relies on the Elliott Wave construction, presents Ethereum as at the moment positioned in an prolonged bullish vary that started forming in late 2022. Posting the technical evaluation on X, the analyst famous that Ethereum’s value motion appears to be like nice for a continuation.

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His chart reveals that the asset has simply accomplished a corrective section and is getting into a brand new momentum wave, with help between $3,225 and $3,563 within the 0.5 and 0.382 Fibonacci retracement zones, respectively. The analyst labels this zone as the best accumulation space for the subsequent stage, consistent with earlier cycle constructions from 2017 and 2021.

The Elliott Wave projection in his evaluation he presents a multi-layered confluence of impulse waves extending to the third diploma. It illustrates that Ethereum is at the moment unfolding its fifth main momentum wave in a construction relationship again to mid-2022.

The interior construction of this wave prepare additionally reveals a touring C wave, which itself incorporates smaller sub-impulse waves. Inside that C wave, Ethereum seems to be getting into its personal fifth sub-wave, which is thought to be a decisively bullish wave.

Primarily based on this setup, the analyst outlined two potential goal zones on the chart: a inexperienced field displaying the life like value vary for this wave cycle, and a purple field displaying the upper, extra prolonged state of affairs that would enhance Ethereum’s market cap. to the trillion-dollar stage.

Fibonacci extensions predict targets of $9,000, $11,000 and $16,000

Freedomby40’s evaluation identifies a number of value ranges based mostly on Fibonacci extensions of the present value motion. The primary value goal is $6,303, based mostly on the 1.0 Fibonacci extension. This preliminary value goal will see the Ethereum value rise above its present all-time excessive, however that is the primary of many.

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The following goal, the 1,236 extension, is positioned round $9,013. These two value targets ($6,303 and $9,013) have been described by the analyst as very life like. Doable extensions are on the Fibonacci extension ranges 1,382 and 1,618, equivalent to $11,210 and $16,077 respectively.

On the time of writing, Ethereum is buying and selling at $4,160, up 5.2% within the final 24 hours. Freedomby40’s outlook joins a rising record of ultra-bullish Ethereum value predictions from institutional analysis corporations and high analysts. Normal Chartered Financial institution just lately raised its 2025 value goal for Ethereum to $7,500, whereas a possible long-term path to $25,000 by 2028 is projected.

Featured picture from iStock, chart from Tradingview.com