Crypto Analyst Maps Out Dream Ethereum Scenario To $8,000

An analyst has charted out a “dream scenario” path that Ethereum could follow, based on a technical analysis (TA) pattern in its 3-day ￰0￱ Channel Could Chart Out What’s Next For Ethereum In a new post on X, analyst Ali Martinez has talked about a dream trajectory that Ethereum could follow with respect to a Parallel ￰1￱ “Parallel Channel” here refers to a TA pattern that forms whenever an asset’s price trades between two parallel ￰2￱ Reading: Bitcoin At Key Retest: Bounce Or $98,000 Next? The upper line of the pattern is assumed to be a source of resistance, so tops can be likely to occur during retests of it. Similarly, the bottom level can provide support to the price, helping it to rebound.

Now, here is the chart shared by Martinez that shows the Parallel Channel that the 3-day price of Ethereum has been trading inside for the last few years: As displayed in the above graph, Ethereum retested the upper level of the Parallel Channel earlier in the year, but found rejection at ￰3￱ asset has since slipped down and arrived near the line, sitting a distance equal to three-fourths the height of the channel from the lower ￰4￱ analyst has noted that a dream scenario could be for ETH to find a rebound around here and smash past the $4,900 level, corresponding to the upper boundary of the Parallel Channel. Generally, Parallel Channel breakouts signal a continuation of the trend in that ￰5￱ means that a surge above a Parallel Channel’s resistance can be considered a bullish sign, while a fall under the support level may lead to bearish ￰6￱ Channel breakouts can be of the same length as the height of the ￰7￱ Martinez has highlighted in the chart, if ETH can break past the $4,900 mark, it may go all the way up to $8,000, corresponding to this ￰8￱ now, Ethereum is heading down, so it only remains to be seen whether its price will be able to find a rebound in the near future and retest the upper boundary of the Parallel ￰9￱ Reading: Dogecoin Plunges To $0.18 As Whales Sell 440 Million DOGE ETH isn’t the only cryptocurrency that has been following a Parallel Channel in its 3-day ￰10￱ the analyst has pointed out in another X post, Solana has also been trading inside the same type of channel on this timeframe.

“Solana needs to reclaim $200 to confirm strength,” explained Martinez. “Only then a rebound to $260 comes into play.” ETH Price At the time of writing, Ethereum is trading around $3,700, down almost 11% over the last ￰11￱ image from Dall-E, charts from ￰12￱