• ETH has declined by 19% over the past month.
• Although Ethereum was experiencing strong downward pressure, an analyst eyes a historic rally.

Since hitting a local high of $3.4k a week ago, Ethereum [ETH]  has experienced strong downward pressure. After the market crash that saw the altcoin dip to $2.1k, it has failed to reclaim a higher resistance level.

At the time of writing, Ethereum was trading at $2,695, marking a 5.05% drop in daily charts. The altcoin has also dropped on weekly and monthly charts by 16.51% and 19.11% respectively.

With the recent price drop, key stakeholders have shared both optimistic and pessimistic views of ETH in equal measures.

One of the most optimistic individuals is popular crypto analyst Ali Martinez, who has suggested a major move for ETH.

Market sentiment analysis

In his analysis, Martinez posited that Ethereum is currently gearing up for a major move to the upside. According to him, the prevailing conditions positions ETH for a potential breakout above $4,000.

This analysis observes that if the altcoin manages to breach this resistance, it will pave the way for a parabolic rally.

Therefore, ETH would rally toward $7.4k, $10k, and hit a historical $14k. However, it’s vital to note that, these levels are long-term and highly unlikely to occur in the short term.

Could Ethereum see a strong rally?

While the analysis provided above by Martinez offers a promising outlook, AMBCrypto’s analysis tells a different story.

According to AMBCrypto’s analysis, Ethereum was experiencing strong downward pressure, especially in the short term.

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Author: Gladys Makena

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