Ethereum Price Hit New Highs

Cryptocurrency analyst AM Crypto has made bold predictions regarding Ethereum’s price trajectory, anticipating a significant surge soon.

During a recent analysis, AM Crypto explained Ethereum’s current trading dynamics, looking at its attempt to break into higher price levels. The analyst noted that Ethereum is still within the last traded volume area, indicating ongoing market activity. However, there’s a strong possibility of a breakout beyond this area, potentially sending Ethereum to $4,300 or even $4,500 quickly.

The timing of this surge could be soon, with AM Crypto suggesting it could happen as soon as today. Analyzing the hourly chart, the analyst speculated that the breakout might occur later in the day, potentially following a minor correction. The current position of Ethereum’s price relative to the volume profile visible range (VPVR) indicates a crucial level at the point of control. Staying above this level could lead to further upward momentum.

Furthermore, with an Ethereum network upgrade on the horizon, AM Crypto anticipates additional bullish momentum. The analyst believes that once the upgrade is implemented, Ethereum’s ecosystem will benefit from reduced costs and increased efficiency, likely driving further price appreciation.

Looking ahead, AM Crypto outlined technical targets for Ethereum, including $4,085 and $4,588, indicating potential price movements of around 12%. The analyst stressed the importance of monitoring key resistance levels for confirmation of sustained upward momentum.

Beyond Ethereum, AM Crypto spoke about the broader cryptocurrency market’s potential, especially in altcoins closely associated with Ethereum’s ecosystem. Layer-two tokens like Polygon (MATIC), Arbitrum, Optimism, and others were identified as potential high-growth assets. 

Many of these altcoins have significantly shown great gains in recent trading sessions. For instance, Polygon surged by 6%, while Optimism experienced a 3% increase. Arbitrum recorded an impressive 9% uptick, followed by Mantra DAO with a 4% rise.

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Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I’m getting there.