YEREVAN (CoinChapter.com) – Jebb McAfee, the crypto analyst behind the Twitter handle CryptoJebb, says Ethereum could bottom out in the upcoming week and start a new way up. He pinned the target price at $5,000 by the end of the year and $10,000-12,000 after completing the current cycle.
Crypto Jebb’s Ethereum analysis
The analyst separated two levels of support that have been instrumental since March and July. First, he noted that Ethereum retested one of the supports in the recent sessions. However, it didn’t yet rebound with confidence.
Also read: “Exercise caution,” Ethereum analyst warns as ETH risks close below $4K.
Moreover, the 4-hour chart showed that the alpha altcoin is not quite ready for the uptrend, as it formed a bearish Symmetrical Triangle. The formation consisted of two converging trendlines with a similar slope that decreased the price swing. As a bearish bias preceded the pattern, it could continue after ETH exhausts the Triangle.
Mr. McAfee pointed out that Ether is likely to bottom out at $4,000, or $3,700, before a new rally. He also estimated that the minimal price would appear somewhere in the diamond-shaped area indicated below.
CryptoJebb finalized his analysis by expressing certainty for Ethereum’s upcoming gains and added that December would be “huge” for the largest DeFi platform.
Also read: Ethereum nears 1 million ETH burn mark as Ether jumps 9%
Other analysts support the bullish outlook. CryptoKaleo, a crypto analyst with an extended following, and Michael Van de Poppe, the chief executive of consulting firm Eight Global, concluded that ETH could be ready for a new leg up shortly.
Ethereum bottoming is near
CryptoKaleo focused on the Ethereum and Bitcoin pair and estimated the 0.08 level as pivotal for the alpha altcoin. Once it clears the 0.08 ratio against BTC, ETH could reach 0.12 and 0.15, noted the analyst.
Also read: Ethereum supply on exchanges drops as ETH price plunges over 15% in 9 days — bulls returning?
Mr. Van de Poppe also referred to the ETH/USDT chart and pinpointed the support level close to CryptoJebb’s estimation. The low margin of the support bar stood at $4,000, and the upper margin at $4,157. He added that the cryptocurrency could consolidate at the noted support level before adopting a bullish bias.
