Ethereum Price Could Rise To $9,000 This Cycle, Eyes Breakout Against Bitcoin

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Crypto analyst Lourenço has predicted that the Ethereum price could rally to $9,000 in this market cycle. This comes as ETH eyes a breakoutagainst its BTC pair, which could spark a massive run for the crypto and other altcoins.  Ethereum Price Eyes Rally To $9,000 This Cycle

In an X post, Lourenço opined that the Ethereum price could rally to as high as $9,000 at some point in this market cycle. This came as he analyzed the weekly ETH chart. The analyst noted that, depending on how the trend on the upper side of the wedge is drawn, the altcoin may have already broken it with hard closes above.  Related Reading Ethereum Price To $20,000? ETH Is Mirroring Bitcoin’s Move From 2021 1 day ago

Lourenço declared that the $4,000 levelis an important one and that once it flips into support, there will be additional resistance between $4,700 and $5,000. However, the analyst believes that the Ethereum price is ultimately set to go and tag between $8,000 and $9,000. He also indicated that the risk-return ratio on ETH is very hard to ignore at the moment.  Source: Lourenço on X

Crypto analyst Galaxy also echoed a similar bullish sentiment for the Ethereum price. In an X post, he said that there is a lot of potential upside for ETH on the BTC pair. The analyst noted that the Relative Strength Index (RSI)is still bottomed and that, from his perspective, the trend is just beginning. 

His accompanying chart showed that the RSI isn’t in overbought levels despite the fact that the Ethereum price has rallied over 60% in the past month. Notably, ETH’s RSI had surged above 60 on previous highs, including when it reached its current ATH of $4,800in 2021.  The Key Is For ETH To Break Above $4,000

In an X post, crypto analyst Ted revealed that the key is for the Ethereum price to break above the $4,000 level. He noted that since the 2021 ATH, ETH hasn’t been able to reclaim the $4,000 level. However, if that happens this time around, he declared that the ETH pumpwill be “unstoppable.” Related Reading Crypto Founder Reveals What Will Drive Ethereum Price To $10,000 5 days ago

His accompanying chart showed that the Ethereum price could rally to $5,200 in the short term. This will mark a new all-time high for the altcoin. Crypto analyst Merlijn also hammeredon the $4,000 resistance. He noted that this has been the ceiling for ETH since 2021, and it has been rejected from this level seven times. 

However, the Ethereum price is again looking to break above this level. Merlijn remarked that this resistance isn’t just another resistance but the “gate to price discovery.” His accompanying chart showed that ETH could reach $11,000between now and 2026 if it breaks this resistance level. 

At the time of writing, the Ethereum price is trading at around $3,800, up in the last 24 hours, according to datafrom CoinMarketCap. ETH trading at $3,813 on the 1D chart | Source: ETHUSDT on Tradingview.com Featured image from Getty Images, chart from Tradingview.com