Crypto analyst Javon Marks has revealed how Ethereum could recover and possibly break above its current all-time high ($ATH) of $4,900. This came as he highlighted a bullish pattern that the altcoin was still maintaining despite the current crypto market downtrend.
Ethereum Eyes Rally To $ATH Amid Hidden Bull Divergence Pattern
In an X post, Javon Mark noted that Ethereum is maintaining a larger Hidden Bull Divergence Pattern. Based on this, he declared that, with a full response, $ETH could rally over 140% and even break its current all-time high of $4,900. His accompanying chart showed that the altcoin could rally to $5,000 by mid-year.
His prediction comes as Ethereum continues to struggle below the psychological $2,000 level. Despite this, Marks assured that there is still a strong possibility of a larger bull reversal in the works, as $ETH has recently shown a positive response to the Regular Bullish Divergence pattern. The analyst has also predicted that the altcoin could still reach $8,500 as part of the broader macro picture.
Amid this bullish prediction for Ethereum, it is worth noting that Wall Street giant Standard Chartered has lowered its year-end target for $ETH from $7,000 to $4,000, indicating that there is also the possibility that the altcoin won’t reach a new $ATH this year. The bank also predicted that $ETH could still drop to as low as $1,300 before it recovers.
Standard Chartered cited the decline in institutional demand as the major reason for lowering its Ethereum price target. Like the Bitcoin ETFs, the $ETH ETFs have continued to record significant net outflows. SoSo Value data shows that these funds are currently on course to record their fourth consecutive month of net outflows.
How $ETH Could Still Drop To As Low As $1,136
In an X post, crypto analyst Trader Tardigrade warned that a Bearish Pennant was forming, which could send Ethereum to as low as $1,136. The analyst noted that $ETH is consolidating inside converging trendlines after the initial drop and that the pattern suggests continuation downward.
Trader Tardigrade further warned that a drop below the current range could trigger a sharp move down, sending $ETH to the breakdown target of $1,136. However, the analyst appears to remain bullish on the altcoin in the long term. He had earlier stated that $ETH was repeating a similar pattern from previous cycles in which a breakdown follows a consolidation before a recovery. This time, he predicts that Ethereum could rally to as high as $7,000 once it begins to recover.
At the time of writing, the Ethereum price is trading at around $1,968, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
