Ethereum Analysts Bullish on $1,800 Support, Predict 100%+ Gains

Crypto analyst Doctor Profit, who accurately predicted the recent Ethereum price dump, has shifted his stance to a bullish outlook for ETH. According to his analysis, the current market conditions present a favorable opportunity to buy Ethereum, which has underperformed compared to other top cryptocurrencies.

In a recent post, Doctor Profit highlighted that Ethereum is currently trading at a historical support level of $1,800, a price point he had previously predicted as the bottom for ETH. The significant correction and market fear have driven Ethereum to this support level, leading the analyst to conclude that the altcoin is now undervalued. He suggests that this could be an opportune moment to accumulate ETH, as the price may rebound from this historical support. Some investors are already capitalizing on this correction to increase their holdings.

Doctor Profit's analysis is supported by data from IntoTheBlock, which indicates that Ethereum’s ‘Concentration’ metric is currently bullish. This suggests that large investors, or "whales," are adding to their positions, further reinforcing the potential for a price rebound.

Another crypto analyst, Astronomer, shares a similar view, predicting that Ethereum could revisit the $4,000 mark. He points to several technical signals that suggest the leading altcoin could reach these heights. Astronomer also noted the $1,800 support level, emphasizing its historical significance as a launch pad for price recoveries.

However, not all analysts are as optimistic. Crypto analyst Kledji predicts that Ethereum could drop to as low as $1,400 before rebounding. He believes that ETH will likely consolidate around this range for a while before rallying to the $1,400 target later this month. Kledji's analysis suggests that Ethereum's downtrend is dependent on Bitcoin's performance, implying that if BTC recovers, ETH is less likely to drop to the $1,400 level.

Crypto analyst Rekt Capital has observed that Ethereum's dominance has declined from 20% to 8% since June 2023 due to the recent price dump. Historically, Ethereum's dominance has reversed from this 8% zone, leading to increased market dominance. Rekt Capital raises the possibility of history repeating itself, with ETH recovering well and regaining a higher market share.

Crypto analyst Crypto Patel is also optimistic about Ethereum's prospects. His analysis, accompanied by a chart, suggests that ETH could bounce from the $1,800 support and enter phase 3 of the Wyckoff chart. This movement could potentially send Ethereum's price to a new all-time high of $6,800.

At the time of writing, Ethereum is trading at approximately $1,800, reflecting a slight increase of over 1% in the last 24 hours. This price movement aligns with the analysts' predictions and market sentiment, indicating a potential rebound for the leading altcoin.