Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction

Ethereum (ETH) has been struggling with a significant downturn recently, leaving the asset deep in the red. Over the past week, Ethereum has recorded a 9.2% decline in value, reflecting broader market weakness. However, the past 24 hours have brought a slight change in momentum, with ETH seeing a 3.2% increase in price. Though this uptick is not enough to erase the previous week’s losses, it may signal the beginning of a recovery phase. Related Reading: Ethereum Price Recovery May Stall Near 100-SMA: Is a Drop Coming? Is Ethereum At The End Of Its Correction According to the latest analysis from renowned crypto analyst Alex Clay on X, Ethereum might be gradually recovering because its recent bearish market might be concluding. He emphasized that if ETH can maintain consolidation above key technical zones, specifically the 200-day moving average (MA) and 200-day exponential moving average (EMA), it would provide a strong foundation for an upward rally. A significant price break above the $2,500 mark could confirm that the correction has ended and the asset is primed for recovery. Furthermore, while Clay had previously been optimistic about Ethereum reaching a much higher price target, he has revised his expectations based on recent market conditions. #ETH/USD Imo we are at the end of the $ETH correction

Sep 10, 2024 - 14:00

Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction

Ethereum (ETH) has been struggling with a significant downturn recently, leaving the asset deep in the red. Over the past week, Ethereum has recorded a 9.2% decline in value, reflecting broader market weakness.

However, the past 24 hours have brought a slight change in momentum, with ETH seeing a 3.2% increase in price. Though this uptick is not enough to erase the previous week’s losses, it may signal the beginning of a recovery phase.

Is Ethereum At The End Of Its Correction

According to the latest analysis from renowned crypto analyst Alex Clay on X, Ethereum might be gradually recovering because its recent bearish market might be concluding.

He emphasized that if ETH can maintain consolidation above key technical zones, specifically the 200-day moving average (MA) and 200-day exponential moving average (EMA), it would provide a strong foundation for an upward rally.

A significant price break above the $2,500 mark could confirm that the correction has ended and the asset is primed for recovery. Furthermore, while Clay had previously been optimistic about Ethereum reaching a much higher price target, he has revised his expectations based on recent market conditions.