Ethereum analysts are keeping a close look at the altcoin, which is stuck in a long downtrend. Some call for major upward breakout and others keep a cautious stance, warning to expect this downtrend will continue.
Ali Martinez, a crypto analyst, is optimistic about the coin’s price trajectory, stating Ether would hit $10,000 in the coming bull run.
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Martinez, whose research often links ETH with more general market movements, has compared Ethereum’s rise with that of the S&P 500, suggesting that a similar breakout might be just ahead.
Nevertheless, not all individuals are satisfied with this optimistic outlook. Peter Brandt, another crypto expert, maintains an alternative perspective. Brandt, who is renowned for his technical expertise and precise predictions, has issued a cautionary note regarding a robust bearish pattern on the daily chart of ETH.
In his most recent analysis, he emphasizes a “bearish flag”—a descending channel—that he believes indicates potential additional downside risk.
The Stock Market Connection
Martinez has grounded his case on the historical relationship between Ethereum and the S&P 500 (SPX). Examining ETH in tandem with SPX Martinez noted that both assets had a bottom in late 2022 and kept an increasing trend until 2023.
#Ethereum $ETH has been mimicking the S&P500, and this could be the last dip before it triples and hits $10,000! pic.twitter.com/BgpbZQXM6I
— Ali (@ali_charts) November 4, 2024
Based on the S&P 500 performance recently, he believes this alignment indicates ETH is preparing for a similar breakout. Martinez believes ETH might follow a similar trajectory, perhaps reaching the elusive $10,000 mark as the S&P 500 somewhat sank after its breakthrough to roughly $5,900.
If such a trend is to follow through, then Ethereum needs a push to around 310% higher than the market price today. At the time of writing, Ether was trading at $2,618, up 8% in the last 24 hours.
Martinez is cheerful about it, especially taking into account the development coming into the broader market perspective, although the objective has a very steep curve; however, Brandt’s warning is that ETH journey might not be as facile as envisioned, especially at the emergence of bearish signals.
A Blend Of Signals
The on-chain data from IntoTheBlock indicates that Ethereum holders have a divided sentiment. At present, nearly…
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