Top analyst sets massive targets for Ethereum–$7000, $11,000 and $15,000
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On Crypto Banter’s ‘The Sniper Trading Show’ the analyst started by gauging the audience’s excitement and positivity about the bull market. He then discusses market emotions and stages, noting that altcoins are not even at the ‘Hope’ stage yet, but are still in a stage of disbelief. This, he suggested, means the altcoin rally phase is approaching, typically occurring towards the end of the bull cycle.
The analyst added that he believes altcoins are still approaching a key phase in the market cycle and are poised to begin their rally, which typically signifies the later stages of the bull cycle.
He then pointed out that Ethereum is currently at the peak, around 3.68 (Fibonacci levels), which correlates with the top of $4,900. Using Fibonacci levels from the top to the bottom provided all the necessary levels for analysis. Once Ethereum passed the initial levels, it indicated the next play. If it didn’t break through, it typically returned to the previous level, showing where to buy back if profits were taken at those zones.
For Ethereum, the analyst has set targets at $7,000, $11,000, and $15,000. He believes that if this is a true bull run, Ethereum should reach the 3.618 Fibonacci level, which it has done in every previous bull market. Therefore, he is preparing for a potential high of $15,000, with interim targets at $7,000 and $11,000. At the time of writing, ETH is trading at $3,698 and is down by three percent in the last 24 hours.
However, the analyst also issued a warning about the cryptocurrency market and said that despite reaching billion-dollar market caps, the real value might only be a fraction of that, around $300 million. This discrepancy arises from the euphoria and excitement surrounding the market, leading to inflated prices.