Ethereum (ETH) Forecasted To Surge 150% to $7428: Here’s How

Vignesh Karunanidhi
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In a recent analysis by renowned trader Alan Santana, Ethereum (ETH) is forecast to experience a 150% surge. The analysis predicts ETH to potentially reach an all-time high of $7,428.

Despite the current market downturn, with ETH trading at $3,517.35, down 3.23% over the past 24 hours, Santana remains extremely bullish on the ETH/BTC trading pair.

Source: Alan Santana (TradingView chart)

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The provided technical analysis indicates that Ethereum’s long-term growth potential is still intact. The chart indicates that if the support level, represented by the light orange line, holds, the ETH/BTC pair is expected to move higher.

This support level is crucial for maintaining the bullish momentum and setting the stage for the anticipated 150% surge.

Santana emphasizes the importance of patience in this market, stating, “Patience is key. We continue 100% bullish on ETHBTC. We keep the same market bias.”

Ethereum forecasted to hit a new all-time high

Despite the recent market volatility, with Ethereum’s 24-hour trading volume at $15,889,812,762 and its price fluctuating between a low of $3,455.11 and a high of $3,643.03, Santana’s analysis suggests that ETH is poised for a significant breakout. The trader’s assertion of a 150% surge indicates that Ethereum could potentially outperform Bitcoin in the coming months.

Ethereum currently has a market cap of $422,264,036,523. The projected surge to $7,428 would represent a significant milestone for ETH.

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The analysis and projection come at a time when speculation of an ETH ETF approval is hovering around. With the expectation that Ethereum ETFs could soon hit the market, investors expect a notable surge for the coin. However, it is quite uncertain as to when the SEC could approve an ETH ETF.