Prominent cryptocurrency analysts have recently expressed bullish sentiment on Ethereum ($ETH), the second-largest cryptocurrency by market capitalization, with one suggesting it will surge to over $10,000 by the end of the year.
Michaël van de Poppe, a cryptocurrency analyst with over 700,000 followers on the microblogging platform X (formerly known as Twitter), expressed optimism, suggesting ETH is on track to reach a higher support level and added that the “good times are there in a few weeks time” after noting ETH is “at end stage of the correction.”
#Ethereum is at the end stage of the correction.
There’s around 10% more to be going down on it, as then we’re reaching a higher timeframe support level.
The good times are there in a few weeks time. pic.twitter.com/21mZeSUAxx
— Michaël van de Poppe (@CryptoMichNL) May 15, 2024
Ethereum is at the time of writing trading at $2,975 after losing around 2% of its value over the last 24-hour period and being flat over the past month, and while it significantly underperforms when compared to the flagship cryptocurrency Bitcoin ($BTC), which dropped 0.3% over the past 24 hours after moving up 8% over the last 30-day period.
Nevertheless, another cryptocurrency analyst, CryptoYoddha, took an even bolder stance and suggested Ethereum is set to surge past the $10,000 before the end of the year.
#Ethereum will rally above $10,000 till the EOY pic.twitter.com/xVgmqtc27A
— Yoddha (@CryptoYoddha) May 13, 2024
As reported, another popular analyst, Ali Martinez, has recently noted that the TD Sequential is presenting a “buy signal” on Ethereum’s daily chart and suggested the cryptocurrency could “see a rebound of one to four candlesticks” on its daily chart.
The TD Sequential indicator is a popular tool among traders and analysts for identifying potential buy or sell signals in the market. Developed by Tom DeMark, the indicator is designed to forecast the timing of price points where a trend could exhaust itself and reverse.
It does this through a series of numbers (sequentials) plotted on price charts, which are based on specific criteria related to the closing price of an asset over a set number of periods. When the indicator signals a “buy,” it implies that the asset’s price is likely to increase, making it an opportune time for investors to consider entering the market.
Featured image via Unsplash.
