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Analyst Says Ethereum Is ‘Closer to $20K Than Most Anticipate’ Based on This Technical Pattern
- Ethereum (ETH) has shown renewed strength this week, rising alongside Bitcoin and breaking out of low volatility.
- Analysts suggest Ethereum could be undervalued, predicting a potential upside target of $19,500, nearly five times its current value.
- Market analyst Gert van Lagen highlighted an inverse head and shoulders formation on Ethereum's two-week chart, signaling a major trend reversal.
- Van Lagen tweeted that Ethereum may be closer to $20k than most anticipate, with a descending broadening wedge pattern reinforcing a potential breakout.
- Analyst Master Ananda noted Ethereum broke above the 200-day moving average, seen as a signal of sustained bullish momentum and readiness for significant growth.
- Ananda forecasted potential price levels of $5,790 and $8,513 in the upcoming bullish wave, but suggested the real upside could extend far beyond those figures.
- Activity on the Ethereum network is increasing, historically indicating forthcoming price growth, according to data from GrowThePie.
- Institutional confidence in Ethereum is rising, highlighted by growing inflows into Ethereum ETFs, indicating increasing investor interest in the cryptocurrency.
- Research from Bernstein analysts suggests Ethereum is being recognized as a foundational layer for financial innovation, particularly in stablecoin issuance and tokenized assets.
- Ethereum's role in powering global payment firms' stablecoin strategies, like those of Visa and Mastercard, is becoming more prominent in the digital finance landscape.
- At the time of writing, ETH was trading at $2,739, reflecting a 6.69% surge over the past 24 hours.
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