Ethereum Aims for a Whopping $21,000 – Analyst Says Let’s Go!
Ethereum’s Bullish Dreams
Gather ’round crypto enthusiasts! Our favorite market analyst, PlanD, is stirring the pot with a bold prediction for Ethereum (ETH). Despite our beloved ETH taking a bit of a nosedive recently — dropping 10.66% this week — PlanD’s got his eyes set on a target that’s not just ambitious, it’s downright astronomical: $21,000 by the end of 2025. Now that’s what I call a glow-up!
Recent Performance: Time to Shine
On September 27, in a post on X that’s hotter than a Bitcoin bull market, PlanD shared his long-term price analysis and it’s awfully bullish! This past quarter, ETH has been doing the cha-cha, breaking through a four-year-old symmetrical triangle to hit an inspiring new height of $4,953. Don’t let those numbers confuse you; it’s all about the patterns!
For those scratching their heads, a symmetrical triangle is just a fancy way of saying the price is consolidating between two trendlines, like a roller coaster? And when ETH pushes through that upper trendline? Ding, ding, ding! Bullish vibes all around!
Retesting Resistance or Just Taking a Breather?
PlanD continues to explain the ins and outs of the crypto jungle, noting that ETH’s recent tumble might just be a classic case of retesting that resistance level around $3,900. And guess what? It bounced right back up! This price point is now like that comfy couch you can’t get enough of—it’s the new floor! With Ethereum riding high again, the first significant rally target is $5,900, which, according to PlanD, is derived from an inverse head and shoulders pattern. Sounds fancy, huh?
The Road to $21,000
But that’s not all! If Ethereum crosses that $5,900 threshold, we might just be setting sail for the big kahuna—$21,000 by the end of 2025! Talk about a rollercoaster ride I’d pay to be on!
Current Trading Vibes
As it stands, Ethereum is sitting pretty at $4,001 with almost no change in the last 24 hours. However, market participation has plummeted with trading volume down a whopping 58.67%. Yikes! It looks like the crowd is taking a nap, which might mean a bit of a slowdown in the short term.
According to Sentora, a blockchain analytics buddy, network fees dipped by 3.9% week-over-week, indicating a snoozy on-chain activity. But here’s a twist: netflows from exchanges show a drop of $3.08 billion week-over-week, meaning more ETH is being whisked away than is being tossed onto exchanges. That’s typically a green light for bullish vibes, as it shows folks are accumulating rather than freaking out and selling!