Cryptocurrency analyst and trader Kevin Svenson predicts that Ethereum (ETH) could reach five-digit price levels during the current cycle.
In a new strategy session, Svenson tells 83,800 YouTube subscribers that recreating the rally that Ethereum experienced from the lowest to the highest ever, the highest in history, can rate 66% to 200% from the current level, based on Fibonacci’s expansion level.
“Looking at the past cycles from 2017-2018 in 2021, Fibonacci (level) reached high to low on the log scale. 1.414FIB was the peak price target.
And if you do that again from its high to $4,800 to low cycles, you’ll see one FIB target, 1.272 (Fibonacci level), which is the target you might see.
…And that’s $7,700 at 1.272 (Fibonacci level). The ideal target is the same FIB target as the previous cycle, or $9,883, 1.414 FIB, which is just under $10,000, as in 2021.
And there are fewer targets, 1.618, FIB target, higher FIB target. The chances are low. That’s not unrealistic at all. ”
Source: Kevin Svenson/YouTube
According to Svenson, the increase in mainstream adoption of Ethereum could catalyze ETH rally.
“And when things really get bullish, we see Ethereum stories picking up, stable coin stories picking up, and Wall Street, which employs Ethereum for that reason, is taking advantage of Ethereum.
…$7,700, $10,000, $14,000… It’s within the realm of this cycle’s potential. ”
Ethereum traded at $4,640 at the time of writing, down about 5% in November 2021, at its highest ever.
https://www.youtube.com/watch?v=co4ofxhp3nw?
Generated Image: Midjourney
