If it stays above a key resistance level for next week, Katie Stockton, founder and analyst at global financial markets research firm Fairlead Strategies, noted on Tuesday. Ethereum He said he expects a positive price outlook for
The second-largest cryptocurrency hit record highs on Tuesday, gaining almost 5% to hit over $4,500 for the first time.
According to Stockton, gains could continue if ETH marks its consecutive weekly close above the previous resistance at $4,384. This, ETHIt means that , should close above $4,384 both this Friday and next Friday.
If ETH confirms a breakout above the previous resistance, Stockton predicts the cryptocurrency will surge up to $6,000 from current levels, up as much as 33%, based on a measured projection of movement price. According to the note, this price target could come quickly for ETH as Stockton expects gains to occur in the next six to 12 months.
“Of course, we don’t expect it to get there in a straight line, but a confirmed breakout would potentially support the uptrend in the first half of 2022,” Stockton said in a statement. used the phrases.
However, if Ethereum does not confirm its recent breakout and falls, Stockton said investors should look to the support at $3,340, which represents a potential downside move of 26% from current levels.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.