Crypto analyst Crypto Patel revealed a roadmap for Ethereum’s rally showing that the altcoin could reach $20,000. This comes as ETH continues to struggle around the $2,000 level in the middle the US-Iran warwhich has been going on for almost a month now.
Analyst Reveals Guide to Accumulate Ethereum with $20,000 Price Target
In an X postCrypto Patel reveals the road to Ethereum’s rally, where he describes the range of $1,800 to $1,400 as the best place to collect. He highlighted $4,700 as a major resistance level for a breakout. Currently, the targets for ETH are $10,000, $15,000, and $20,000.
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His accompanying chart showed that Ethereum could reach these price targets by 2030, a period that could indicate the next high. bull market. Crypto Patel noted that these were big goals that only happened after a solid structure and time. As such, the analyst called for patience among market participants.
Meanwhile, Ethereum continues to struggle alongside the the broader crypto marketand the US-Iran war is putting pressure on vulnerable assets. Crypto analyst Maartun commented that ETH is facing its first significant resistance at the accessible price of $2,306. He noted that the price has been rejected at this level for the past few days, confirming that it is an important short-term barrier.
This suggests that Ethereum may once again be at risk of falling below the psychological level of $2,000, especially with tensions between the US and Iran still high. Iran has rejected the American proposal for a ceasefire and has outlined five conditions that the US must meet before ending the war.
Current setup for ETH
For another X postCrypto Patel noted that Ethereum experienced a clear manipulation between $ 2,230 and $ 2,400, indicating the capture of liquidity and the rejection of temporary supply. The analyst also noted that much Break of Structure (BOS) The confirmations show that the bears are still in control from the $4,957 high.
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The crypto analyst also broke the current technical structure, noting that many BOS to the bottom shows that the bearish trend remains intact. However, there is a fair value gap between $2,474 and $2,634, indicating important imbalance that is yet to be filled. There is also the possibility that ETH could still drop to the $1,840 support area, which Crypto Patel says is a potential demand response area.
A daily close below this support area would legitimize the case for a bullish reversal and open a bearish charge towards the $1,300 upside area. Crypto Patel said that patience is the key and there is no long-term guarantee until Ethereum returns to $2,500 with strength. Until then, ETH remains range-bound within a bearish bias, with the possibility of a liquidity sweep.
At the time of writing, the price of Ethereum is trading around $2,140, down from the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
