Crypto analyst David says the leading altcoin price still has a long way to go. Analyst Valdrin Tahiri points out the next target for AVAX. Additionally, the analyst predicts higher levels for IMX.
ETH price prediction: $3,500 is the target for the leading altcoin!
Ethereum (ETH) price has risen since reaching a higher low during the week of October 16-22, 2023 (green arrow). This move helped the price climb above the long-term resistance zone at $2,050 and reach a new yearly high at $2,720. The altcoin price has remained above the $2,050 zone since the breakout. This is a very positive sign. It also shows that the bulls are actively buying on small dips as they expect another rally.
Meanwhile, the weekly RSI indicator has created a significant bullish divergence (blue line) and is above 50. Therefore, this supports the continuation of the bull trend. Therefore, ETH price could potentially rise 41.98% to the next resistance zone at $3,500.
The most likely scenario shows that the ETH price will continue to rise in the near future. The nearest target is $2,720. In addition, the altcoin price also has the potential to reach $ 3,500. However, before doing so, a pullback to the $2,420 region is possible.
AVAX price prediction: Is this just the beginning for the altcoin?
The daily time frame chart does not confirm the direction of the future trend for AVAX due to mixed price action. The daily chart shows that the upward movement since January 22 has been contained within an ascending parallel channel. Such channels often contain corrective actions. On February 10, the resistance trend line of the channel rejected the AVAX price (red icon). Moreover, the rejection coincided with the $40 resistance area. Despite the rejection, the daily RSI is showing a bullish trend. The upward move moved the indicator above 50 and into bullish territory. Moreover, the RSI is also trending upward.
Cryptocurrency trader InmortalCrypto suggests that AVAX price will follow SOL if the latter pumps. Trader: “If SOL pumps, AVAX will follow. Muscle memory.” says. Due to this mixed data, the reaction to the $40 area will be key in determining the direction of the future trend. It is possible that a successful breakout could trigger AVAX to rise to a 2023 high of $50. This means a 23% increase from its current price.
Conversely, a rejection of the $40 zone and a break of the channel could lead to AVAX falling to the nearest support at $33, a decline of 16%.
IMX price prediction: Is the all-time high near?
Technical analysis of the daily time frame supports the ongoing upward move for IMX. This is due to price action, wave count and RSI data. Technical analysts use Elliott Wave theory to identify recurring long-term price patterns and investor psychology. This theory helps them determine the direction of a trend. The most likely count shows that the altcoin price is in the fifth and final wave of its upward move. The daily RSI supports the rise as it is above 50 and rising.
Additionally, the price action shows a breakout from a horizontal resistance area at $2.45. If IMX continues to rise, it will reach the next horizontal resistance at $4, coinciding with the 2.61 outer Fib retracement of the fourth wave. That’s a 35% increase from the current price.
Despite the bullish IMX price forecast, a close below $2.45 would mean the top is in. Then, the price is likely to drop 40% to the nearest support at $1.75.
The opinions and predictions in the article belong to the analysts and are definitely not investment advice. cryptokoin.com We strongly recommend that you do your own research before investing.
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