Ethereum price shows a modest downtick of 0.46% during Tuesday’s trading session, settling at $2,617. This slowdown in momentum allows crypto buyers to revive the exhausted bullish momentum witnessed last weekend. With the recent debut of spot ETH ETFs in Australian markets and open interest surging, a crypto analyst suggests that the “Most Hated Rally” to $6,000 could be on the horizon.
Ethereum Price Rally Will Be Most Hated: Analyst
In a recent tweet, the crypto influencer Poseidon sparked controversy with a bold claim about Ethereum price’s growth potential. The analyst suggested that if the ETH price leads the next market pump, “it will be the most hated rally ever.”
He humorously stated that despite the dominance of the Ethereum market, other investors dislike this cryptocurrency, except for himself and Vitalik Buterin, Ethereum’s co-founder.
Poseidon further asserts that meme coin holders could be left in a precarious position and would be stuck with illiquid assets while watching Ether pump. The tweet projects a solid-optimistic view of the Ethereum price rally in the near future.
With the recent launch of spot Ethereum ETFs in Australia, the Ethereum coin is expected to witness increased institutional interest, bolstering its position for a potential bullish rally.
Ethereum Ready For Big Move Soon
The crypto analyst Byzantine General highlighted a significant development in the Ethereum futures market, noting that ETH open interest (OI) has recently spiked to an all-time high. However, the rising OI highlights traders’ activity and speculation around ETH’s future price movements.
Interestingly, a downsloping trendline shows an intact downtrend in Ethereum price prediction despite the new high in OI data. Byzantine General points to this anomaly, suggesting that “there’s a crazy move in the making.”
If the theory holds true, the altcoin is poised to breach the overhead trendline, escaping a correction trend intact since May 2024. The potential bullish breakout could offer buyers suitable support to drive a sustained rally to a $6000 high.
ETH Price Analysis Hints Major Breakout From Reversal Pattern
Over the past two weeks, the Ethereum price has showcased a sideways action, trying to stabilize above $2200. An analysis of the daily chart shows this consolidation as the formation of an inverted head and shoulder pattern.
In theory, this pattern is characterized by three troughs, with the middle one extending deeper than the two on either side, indicating a transaction in market sentiment. This pattern’s predetermined target is the same distance between the lowest trough and the neckline resistance.
By press time, the ETH price had been traded at $2600 and was 2.5% away from challenging the pattern neckline resistance. A successful breach from the overhead trendline will intensify the bullish momentum and drive a rally to $3,166, indicating a 17.5% potential growth.
On the other hand, if the ethereum price reverts from neckline resistance, the sellers could invalidate the bullish thesis and plunge the asset back to the $2,200 line.
The post Analyst Explains Why Ethereum Price Rally to $6,000 Will be “Most Hated Rally” appeared first on CoinGape.
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