Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	14,093,106,357	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

14,093,106,357

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.003028	1.90%	0.162728	0.162728	0.162729

Price Change

Price Change %

Current Price

Bid Price

Offer

0.003028

1.90%

0.162728

0.162729

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.16396	0.158978	0.1597	0.1597	0.077142 - 0.168655

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.16396

0.158978

0.1597

0.077142 - 0.168655

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	22:16:36	308.02	0.162728	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

22:16:36

308.02

0.162728

USD

Price x Volume	Volume	Base Symbol	Related Pairs
117,248.04	723,406.60	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

117,248.04

723,406.60

Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction

10/09/2024 8:00am

NEWSBTC

Ethereum (ETH) has been struggling with a significant downturn recently, leaving the asset deep in the red. Over the past week, Ethereum has recorded a 9.2% decline in value, reflecting broader market weakness. However, the past 24 hours have brought a slight change in momentum, with ETH seeing a 3.2% increase in price. Though this uptick is not enough to erase the previous week’s losses, it may signal the beginning of a recovery phase. Related Reading: Ethereum Price Recovery May Stall Near 100-SMA: Is a Drop Coming? Is Ethereum At The End Of Its Correction According to the latest analysis from renowned crypto analyst Alex Clay on X, Ethereum might be gradually recovering because its recent bearish market might be concluding. He emphasized that if ETH can maintain consolidation above key technical zones, specifically the 200-day moving average (MA) and 200-day exponential moving average (EMA), it would provide a strong foundation for an upward rally. A significant price break above the $2,500 mark could confirm that the correction has ended and the asset is primed for recovery. Furthermore, while Clay had previously been optimistic about Ethereum reaching a much higher price target, he has revised his expectations based on recent market conditions. #ETH/USD Imo we are at the end of the $ETH correction💁‍♂️ Looking for some consolidation above the Key Zone + 200 MA & 200 EMA confluence Break above $2500 will serve a confirmation of the beginning of the rally🚀#Ethereum turned to be a heavy asset so $10k target is rather… pic.twitter.com/jjGPPUHWE3 — Alex Clay (@cryptclay) September 9, 2024 Clay noted: “Ethereum turned to be a heavy asset, so $10k target is rather a dream than reality so I changed my mind.” For now, the analyst has set more realistic targets, with a mid-term goal of $4,000 and long-term targets ranging from a conservative $6,255 to an optimistic $7,942. Other Analysts Eye Falling Wedge Pattern As Key Indicator Aside from Clay’s analysis, Ethereum’s technical chart has been the focus of several prominent analysts, including Anup Dhungana and Captain Faibik, who have recently identified the potential for a bullish breakout for ETH. For instance, Dhungana’s ETH/BTC chart analysis suggests that a rebound from key support levels and a break from the falling wedge pattern could significantly increase Ethereum’s price. For context, falling wedges are generally viewed as bullish reversal patterns in technical analysis, and confirming a breakout could signal an exponential upward trend. Related Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000 Similarly, Captain Faibik echoed this sentiment, sharing an image of altcoin market chart that also displayed a falling wedge formation. Faibik predicted that altcoins could break out of the wedge pattern shortly, potentially pushing major altcoins, including ETH, toward a recovery in the fourth quarter of 2024. He advised investors to remain patient, accumulate altcoins, and prepare for a bounce back that could see prices return to their March 2024 highs. Featured image from DALL-E, Chart from TradingView

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