Scott Redler of T3 Trading Group believes that price of Ethereum may finally be on track to reclaim $3,000 level
If Redler is correct, his bullish price target means that the second largest cryptocurrency is on track to spike by another 10%.
The technical analyst is confident that the second largest cryptocurrency may march higher after it recently cleared the $1,792 level. Holding above that pivotal price point could subsequently open the door to the $2,100 level.
In addition, Redler believes that Bitcoin is on its way to reclaiming the $26,000 level.
Ethereum recently experienced a significant relief rally in the run-up to the highly anticipated Merge event. Goerli, the last of the three testnets, successfully transitioned to proof of stake earlier today, which was the final test before the Ethereum mainnet finally merges with the Beacon Chain in September.
Leading cryptocurrencies also benefited from cooler-than-expected inflation data, together with U.S. stock and bond prices.
As reported by U.Today, Redler accurately predicted that Ethereum would collapse below $1,400 in early June.
On June 18, the price of Ethereum slipped to $879, but it has now more than doubled since hitting the yearly low because of the “Merge” narrative and the recovery of stocks. On Nov. 10, the second largest cryptocurrency hit $4,867, but it then lost 25% of its value within less than a month. After that, the sell-off continued to exacerbate due to macroeconomic headwinds.
As reported by U.Today, former BitMEX CEO Arthur Hayes recently predicted that the price of Ethereum could potentially skyrocket to the $5,000 level if the Merge upgrade ends up being a success. For such an uber-bullish scenario to play out, the U.S. Federal Reserve would also have to take the foot off the rate-hike pedal, according to Hayes. This does not seem likely in the near future, despite the fact that U.S. inflation slowed significantly in July.