Regardless of the Ethereum (ETH) price’s unappealing performance, the latest analysis from top crypto analysts in the space predicts that the asset might be on the verge of a parabolic rise.

In a recent post uploaded on X, renowned crypto analyst Javon Marks has laid out an optimistic scenario for Ethereum, suggesting a potential price surge similar to a pattern witnessed in 2023.

Key Level To Watch For A Rally To $8,100?

According to Marks, Ethereum is poised to replicate a previous pattern that led to a more than 160% surge. In the post on X, he states, “ETH looks to have replicated a pattern from 2023 that led into an over +165% climb, and it’s looking to be ‘GO TIME’ again.”

Marks has set a target price of $4,723.5, adding that a break above this price mark could bring in the possibility of Ethereum reaching above $8,100. This projection suggests a near doubling of Ethereum’s current price if this trend materializes.

$ETH (Ethereum) looks to have replicated a pattern from 2023 that led into an over +165% climb and it’s looking to be “GO TIME ” again!

2023 looks to have been the blueprint for another massive upside that can be soon transpiring in this crypto market.

Target is at $4,723.5… pic.twitter.com/a1ePw6wpF3

— JAVONMARKS (@JavonTM1) September 15, 2024

Despite this optimistic forecast, Ethereum’s recent market performance has shown bearish tendencies. In the past 24 hours alone, ETH has declined by 4.5%, causing its price to fall below the $2,400 mark—a level it briefly traded above over the weekend.

Ethereum Price: On The Flip Side

While Javon Marks’ analysis points towards a bullish future for Ethereum, other market analysts have outlined the critical support zones that Ethereum must hold to prevent further decline.

Ali, another well-known crypto analyst, has highlighted a crucial support range between $2,290 and $2,360. This zone, according to Ali, is significant as it is where roughly 1.90 million addresses hold around 52.30 million ETH.

Ali warns that if Ethereum fails to maintain this support, a sell-off could ensue, potentially driving the price toward the $1,800 level.

Notably, a breach below this range would be quite detrimental to the ETH market as it would not only trigger a significant amount of liquidations but also invalidate the bullish predictions and lead to a further downtrend, marking a substantial shift in the market sentiment.

Key support for #Ethereum lies between $2,290 and $2,360, where 1.90 million addresses hold ~52.30 million $ETH. If this demand zone breaks, we could see a sell-off driving #ETH toward $1,800. pic.twitter.com/ubP9ZZd8H0

— Ali (@ali_charts) September 15, 2024

Featured image created DALL-E, Chart from Tradingview