Analyst Dan Gambardello recently suggested the potential for Ethereum's price to rise to $3,450 based on several market signals.
Bulls Gain Upper Hand in Ethereum Market
Gambardello notes that 'bulls have the upper hand right now' in the Ethereum market. He emphasizes that momentum oscillators are beginning to show bullish signs. He also noted major whale accumulation of Ethereum and compared current charts with patterns that previously indicated the onset of market bottoms.
Technical Analysis: Multi-Year Triangle
Ethereum is approaching a multi-year symmetrical triangle that could determine its mid-term trajectory. Gambardello believes that breaking the price level between $2,700-$2,800 will be critical to confirming the bullish scenario. He mentions that global liquidity trends may support a potential breakout.
Altcoin Market Will Follow ETH's Footsteps
Ethereum's position in the current market may influence altcoin prices. Gambardello observed similarities in the current altcoin market structure with previous major lows. He expresses optimism towards the crypto market, referencing historical fear levels.
Gambardello has a positive outlook for Ethereum and the entire altcoin market, expecting significant price dynamics to impact the broader cryptocurrency ecosystem.
