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The Ethereum price is up 0.60% in the last 24 hours to trade for $2,544 as of 3:30 a.m. EST time, with trading volume rising 32%.
The increases point to a budding interest in the Proof-of-Stake (PoS) token, with a top analyst anticipating a 35% surge in the Ethereum price.
Analyst Pentoshi said on X that the Ethereum price could hit $3,500 soon. The analyst attributes the expected surge to euphoria around the possibility that spot ETH exchange-traded funds (ETFs) may be next to gain regulatory approval after Bitcoin ETFs last week.
Ethereum Price Prognosis With Prospects For a 35% Surge
With Pentoshi anticipating a 35% climb to $3,500 target, levels last tested in May 2022, the Ethereum price continues to consolidate within an ascending parallel channel. The market remains bullish, despite elevated levels of caution, which explains the horizontal movement for most projects and the abysmal single-digit gains or losses in price.
The Moving Average Convergence Divergence (MACD) indicator is still moving above the signal line after the January 9 crossover, suggesting the upside potential remains alive. The position of the Relative Strength Index (RSI) above 50 also points to strong price strength, increasing the odds for an extended move north.
TradingView: ETH/USDT 1-day chart
Nevertheless, for as long as Ethereum price remains within the confines of the bullish technical formation, the upside potential remains alive. Increased buying pressure could see Ether market value breach the upper band of the Bollinger indicator at $2,669, with the potential to extend north to clear the range high at $2,717.
In a highly bullish case, the gains could see Ethereum price push past the $2,800 level and the $3,000 psychological level, with the potential to extend a neck 35% high above current levels to the $3,500 target Pentoshi foresees.
Converse Case
On the other hand, if profit-booking kicks in, Ethereum price could descend, first losing the support due to the midline of the channel and extending the fall past the confluence between the centerline of the Bollinger indicator and the horizontal line at $2,394.
In the dire case, the slump could see Ethereum price fall out of the bullish technical formation to tag the $2,135 support. A break and close below this level would invalidate the big-picture bullish outlook.
Nevertheless, the RSI is nose-diving, which points to falling momentum. If this trajectory continues, the momentum indicator could execute a sell signal, seen once the RSI crosses below the signal line (yellow band). Traders heeding this call could send the altcoin rolling over with ETH holders suffering in the aftermath.
Elsewhere, investors tired of making bad calls have started to buy LPX, the ticker for the Launchpad XYZ ecosystem and analysts’ top picks for the best AI crypto coins.
Promising Alternative To Ethereum
Launchpad XYZ is a consumer-oriented portal offering insights and analytics on all Web3 sectors. These are delivered via a beautifully designed, humanized interface that brings Web3 to everyone.
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— Launchpad.xyz (@launchpadlpx) January 16, 2024
Project participants enjoy all the training required to be successful traders and empower Web3 users of any experience level so that they can maximize their profit potential.
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— Launchpad.xyz (@launchpadlpx) January 14, 2024
Anyone who missed out on the last token to pump 100% or more should now consider Launchpad XZY, which could see them catch as many of these as possible. This comes as the project teaches you the methods and decision-making framework. Basing your decisions on these, you will have full control of your next trade.
Using its proprietary technology, the Web3 platform’s users have gained from free trading calls that returned profits of as much as 30x ROI.
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— Launchpad.xyz (@launchpadlpx) January 10, 2024
The project is in the presale stage, now recording upwards of $2.555 million. The presale is due to end in seven days, according to the website, with each LPX token selling for $0.0445.
Interest in the project has exploded recently with the run rate for sales surging 1,000% in the past three weeks. The acceleration in fundraising is sure to continue with less than seven seven days left and a sellout now close. So there’s no time to lose to get on board.
Seize this opportunity to buy LPX in the presale here.
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