Ethereum Surges Past Critical Level, Targeting $3K or More
Ethereum's price surge has been attracting attention in the cryptocurrency market. According to Milk Road analyst John Gillen, Ethereum has broken through a critical resistance level of $2,500.
This is a significant development that could push the price towards the $3,000 region, as per the analyst's assessment. However, he refrained from giving a single figure for the Ethereum target, noting that ETH's price exhibits sharp fluctuations and doesn't follow a particular pattern.
The real test for Ethereum lies at the $5,000 level, according to Gillen. The analyst noted that ETH has struggled to surpass this level in the past. If Ethereum breaks above the $5,000 level and remains there, the price could then reach the $6,000 to $10,000 range.
In his longer-term assessment, Gillen states that Ethereum could rise to levels between $10,000 and $12,000 in the next 24 months. However, he emphasizes that this target is not a definitive price prediction and that the extent to which Ethereum continues to receive share from institutional and on-chain activity will be decisive.