Cryptocurrency analyst and trader Kevin Svenson is predicting that Ethereum (ETH) could hit a five-figure price level during the current cycle.
In a new strategy session, Svenson tells his 83,800 YouTube subscribers that if Ethereum replicates the rally it experienced from the low of the last cycle to the all-time high, it could appreciate by between 66% and 200% from the current level, based on Fibonacci extension levels.
“If you look at the past cycle, Fibbing from the previous 2017 to 2018 cycle in 2021, we reached the 1.414 Fibonacci [level] from high to low on a log scale. The 1.414 Fib was the peak price target.
And if you do that again from that high of $4,800 down to the cycle low… the 1.272 [Fibonacci level], which is one Fib target below the previous cycle’s target, is the likely target that is very likely to appear.
…And so that is $7,700 at the 1.272 [Fibonacci level]. The ideal target would be the same Fib target as the previous cycle, which is $9,883, the 1.414 Fib, just like 2021, just under $10,000.
And the less likely target would be the 1.618, the Fib target, the higher Fib target, which we did not reach in the previous cycle, the 1.618 [Fibonacci level], that is sitting at around $14,000. It’s less likely. That is not unrealistic, whatsoever.”
Source: Kevin Svenson/YouTube
According to Svenson, the growing mainstream adoption of Ethereum could catalyze an ETH rally.
“And if things get really bullish, if we start to see the Ethereum narrative pick up and the stable coin narrative pick up and we’re seeing Wall Street adopting Ethereum for that reason, and we’re seeing banks adopt Ethereum for that reason, maybe we actually go to $14,000 or higher, depending on how this all plays out, depending on how fast we actually go up…
…$7,700, $10,000, $14,000… are all within the realm of possibility this cycle.”
Ethereum is trading at $4,640 at time of writing, down by around 5% from the all-time high reached in November of 2021.
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Generated Image: Midjourney
