Ethercoin is aiming for 6000 dollars! Analyst reveals 3 key points: prepare for big pump after testing "this point"

The price of Ethercoin in the past week did not grow with the fourth week of Uptober. The price before the deadline was $2,489, a decrease of about 9.4% compared to the past week. There are also frequent complaints of 'lousy Ether' in the community, indicating investors' dissatisfaction with the trend of Ethercoin. However, this decline may soon come to an end. The foreign media 'Cointelegraph' pointed out that the recent three indicators indicate that Ethercoin is expected to have a significant rebound in the coming months.

Source: TradingView EthercoinPA

$2,400 strong support level

"Cointelegraph" believes that Ethercoin, which is maintained above $2,400, is still in the rise channel since May 2023; during this period, Ethercoin has risen by more than 160% from October 2023 to March of this year. If the next trend can stay above the support level of $2,400, Ethercoin may rebound to the upper edge of the rise channel in the next few months, with a price of about $6,000.

Source: Cointelegraph Ethercoin price support

Coinbase $1.3 billion net outflow

According to data shared by CryptoQuant analyst Burak Kesmeci, Coinbase recently saw a significant drop in the net outflow of Ethercoin, greatly reducing the selling pressure on Ethercoin. On October 25th, an anonymous account withdrew 543,000 Ethercoin from Coinbase, with a total value of over 1.3 billion US dollars. This amount is second only to the 681,000 Ethercoin (1.8 billion US dollars) withdrawal in mid-August in the past three months.

"This is the second significant net outflow of Ethercoin within three months, indicating a recent increase in institutional confidence in Ethercoin."

Source: CryptoQuant Ethercoin sees significant net outflows from Coinbase.

Key reversal of Ether against BTC

《Cointelegraph》further pointed out that Ethercoin may have a price rotation with its main competitors BTC and Solana ($SOL). Looking at the $ETH/$BTC trading pair, Ethercoin has broken through a rising trend line, which has not been broken in the past few months, coupled with a significant Relative Strength Index (RSI) in the oversold zone. Ethercoin may achieve a substantial rebound in the coming months.

Source of the image: "Cointelegraph" Ether coin trend against BTC

In addition, analyst Crypto Avails also emphasized that during the 2020 to 2021 Bull Market, the big pump that occurred after $ETH/$BTC touched the rise trend line bottom is creating the occurrence of Altcoin Season; and now, touching the bottom of the rise trend again, Ethercoin is likely to replicate that historical Rebound and lead to the arrival of the next wave of Altcoin Season.

Source: X/@cryptoavails Analysts believe that the altcoin season is approaching.

The price rotation of Solana and Ethercoin

Another competitor of Ethercoin - Solana ($SOL), has surged by about 900% relative to Ethercoin ($SOL/$ETH) since June 2023. As a result, the relative strength index (RSI) of $SOL/$ETH has also risen to above 70, in the Overbought zone, indicating that the price of Solana ($SOL) has been overvalued, with increasing downward pressure. Not only that, the divergence of volume also indicates that $SOL/$ETH may face a 35% price adjustment and touch the 50-week moving average.

Image source: "Cointelegraph" Solana ($SOL) trend against Ethercoin

Overall, Cointelegraph believes that Ethercoin's price rotation against BTC and Solana ($SOL) is expected to drive Ethercoin to achieve a target price of $6,000 in early 2025 or early this year.

Further reading The whole network fear, uncertainty and doubt Ethereum! Vitalik Buterin responded: I haven't sold any, sponsoring development should not be criticized! ETH will eventually defeat SOL! EigenLayer founder reveals 6 major winning reasons

【Disclaimer】There are risks in the market, so investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Investing based on this is at your own risk.