{"id":640823,"date":"2024-09-10T07:00:39","date_gmt":"2024-09-10T07:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=640823"},"modified":"2024-09-09T22:08:58","modified_gmt":"2024-09-09T22:08:58","slug":"analyst-predicts-4000-mid-term-target-for-ethereum-declares-end-to-eth-correction","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/analyst-predicts-4000-mid-term-target-for-ethereum-declares-end-to-eth-correction\/","title":{"rendered":"Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction"},"content":{"rendered":"

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.<\/p>\n

However, the past 24 hours have brought a slight change in momentum<\/a>, 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.<\/p>\n

Related Reading: Ethereum Price Recovery May Stall Near 100-SMA: Is a Drop Coming?<\/a><\/div>\n

Is Ethereum At The End Of Its Correction<\/h2>\n

According to the latest analysis<\/a> from renowned crypto analyst Alex Clay on X, Ethereum might be gradually recovering because its recent bearish market might be concluding.<\/p>\n

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)<\/a>, it would provide a strong foundation for an upward rally.<\/p>\n

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<\/a>.<\/p>\n

\n

#ETH<\/a>\/USD<\/p>\n

Imo we are at the end of the $ETH<\/a> correction\ud83d\udc81\u200d\u2642\ufe0f<\/p>\n

Looking for some consolidation above the Key Zone + 200 MA & 200 EMA confluence<\/p>\n

Break above $2500 will serve a confirmation of the beginning of the rally\ud83d\ude80#Ethereum<\/a> turned to be a heavy asset so $10k target is rather\u2026 pic.twitter.com\/jjGPPUHWE3<\/a><\/p>\n

\u2014 Alex Clay (@cryptclay) September 9, 2024<\/a><\/p><\/blockquote>\n

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.<\/p>\n

\"Ethereum
Ethereum price chart. | Source: Alex Clay on X<\/figcaption><\/figure>\n

Other Analysts Eye Falling Wedge Pattern As Key Indicator<\/h2>\n

Aside from Clay’s analysis, Ethereum\u2019s 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.<\/p>\n

For instance, Dhungana\u2019s\u00a0ETH\/BTC<\/a>\u00a0chart analysis\u00a0suggests<\/a>\u00a0that a rebound from key support levels and a break from the\u00a0falling wedge pattern<\/a> could significantly increase<\/span>\u00a0Ethereum\u2019s price.<\/p>\n

\"ETH\/BTC
ETH\/BTC chart. | Source: Anup Dhungana<\/figcaption><\/figure>\n

For context, falling wedges are generally viewed as bullish reversal patterns in technical analysis, and confirming a breakout could signal an exponential upward trend.<\/p>\n

Related Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000<\/a><\/div>\n

Similarly, Captain Faibik echoed<\/a> this sentiment, sharing an image of altcoin market chart that also displayed a falling wedge formation.<\/p>\n

\"Altcoin
Altcoin market cap chart. | Source: Captain Faibik on X<\/figcaption><\/figure>\n

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.<\/p>\n

He advised investors to remain patient, accumulate altcoins, and prepare for a bounce back that could see prices return to their March 2024 highs.<\/p>\n

\"Ethereum
ETH price is moving sideways on the 2-hour chart. Source: ETH\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

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\ud83d\udc81\u200d\u2642\ufe0f 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\ud83d\ude80#Ethereum turned to be a heavy asset so $10k target is rather\u2026 pic.twitter.com\/jjGPPUHWE3 \u2014 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\u2019s 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\u2019s\u00a0ETH\/BTC\u00a0chart analysis\u00a0suggests\u00a0that a rebound from key support levels and a break from the\u00a0falling wedge pattern could significantly increase\u00a0Ethereum\u2019s 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<\/p>\n","protected":false},"author":580,"featured_media":637942,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[134,6664,10923,8323,1946,91844,78803],"class_list":["post-640823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-altcoin","tag-crypto","tag-crypto-market","tag-eth","tag-ethereum","tag-ethereum-market","tag-ethusdt"],"acf":[],"yoast_head":"\nAnalyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction<\/title>\n<meta name=\"description\" content=\"Ethereum (ETH) has been struggling with a significant downturn in recent weeks, leaving the asset deep in the red. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction","url":"http:\/\/wncen.com\/news\/ethereum\/analyst-predicts-4000-mid-term-target-for-ethereum-declares-end-to-eth-correction\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/analyst-predicts-4000-mid-term-target-for-ethereum-declares-end-to-eth-correction\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Ethereum-Attractive.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Ethereum-Attractive.jpg?fit=1792%2C1024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","crypto","crypto market","eth","ethereum","ethereum market","ethusdt"],"dateCreated":"2024-09-10T07:00:39Z","datePublished":"2024-09-10T07:00:39Z","dateModified":"2024-09-10T07:00:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/analyst-predicts-4000-mid-term-target-for-ethereum-declares-end-to-eth-correction\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/analyst-predicts-4000-mid-term-target-for-ethereum-declares-end-to-eth-correction\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Ethereum-Attractive.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Ethereum-Attractive.jpg?fit=1792%2C1024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"crypto\",\"crypto market\",\"eth\",\"ethereum\",\"ethereum market\",\"ethusdt\"],\"dateCreated\":\"2024-09-10T07:00:39Z\",\"datePublished\":\"2024-09-10T07:00:39Z\",\"dateModified\":\"2024-09-10T07:00:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/Ethereum-Attractive.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/640823"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=640823"}],"version-history":[{"count":3,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/640823\/revisions"}],"predecessor-version":[{"id":640847,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/640823\/revisions\/640847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/637942"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=640823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=640823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=640823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}