Scott Radler of T3 Trading Group believes that Ethereum price may be on track to finally reclaim the $3,000 level
Scott Radler, Chief Strategist Officer, T3 Trading Group It’s logic Ethereum (ETH) price is on course to reach the $2,100 level.
If Radler is correct, his bullish price target means that the second largest cryptocurrency is on its way to rise by another 10%.
The technical analyst is confident that the second-largest cryptocurrency could march higher after clearing the $1,792 level recently. Holding above that important price point could open the door for the $2,100 level later.
Furthermore, Radler believes that Bitcoin is on its way to retest the $26,000 level.
Ethereum recently experienced a significant relief rally thanks to the much anticipated merge event. Goerly, the last of three testnets, successfully converted to proof of stake today, the last test before the Ethereum mainnet merged with Beacon Chain in September.
The major cryptocurrencies also benefited from higher-than-expected inflation data along with US stock and bond prices.
As reported by U.Today, Redler accurately predicted that Ethereum would drop below $1,400 in early June.
On June 18, the price of Ethereum fell to $879, but it has now more than doubled since hitting annual lows due to the “merge” narrative and the stock’s recovery. On November 10, the second-largest cryptocurrency reached $4,867, but it lost 25% of its value in less than a month. After that, the selloff continued due to macroeconomic headwinds.As reported by U.Today, former BitMEX CEO Arthur Hayes recently predicted that the price of Ethereum could potentially rise to the $5,000 level if the merge upgrade is successful. According to Hayes, for such an uber-bullish scenario, the US Federal Reserve would also have to take a foot off the rate-hike pedal. Despite a significant decline in US inflation in July, it looks unlikely in the near future.