Crypto analyst Javon Marks predicts a 252% surge in Ethereum (ETH) price, targeting $12,000 based on the 1.618 Fibonacci retracement level.
By Bhushan Akolkar
Edited by Julia Sakovich
Updated
3 mins read
Ethereum price ETH $1 796 24h volatility: 1.6% Market cap: $216.85 B Vol. 24h: $15.65 B could begin a mega rally all the way to $12,000 as per the current technical chart set up, according to the analyst. In his latest post on the X platform, crypto analyst Javon Marks noted that ETH could be on the verge of a significant price surge, potentially climbing over 252% from current levels to reach the $12,000 mark.
Marks pointed to the 1.618 Fibonacci retracement level, suggesting that Ethereum price is preparing for a bullish breakout. If ETH follows the chart trajectory as shown below, it could lead to a massive altcoin market rally moving ahead.
Source: Javon Marks
World Liberty Financial, Donald Trump’s DeFi project has been on heavy ETH accumulation during the Trump inauguration. As per data from Arkham Intelligence, the DeFi project has accumulated more than 41,000 ETH on the weekly chart taking its total holdings to 58,711 ETH worth a massive $194 million.
Source: Arkham Intelligence
Last week, crypto analyst Ali Martinez noted that whales have significantly increased their holdings of Ethereum (ETH) over the past week, accumulating more than 330,000 ETH, valued at over $1 billion. This surge in large-scale buying activity could signal growing institutional interest in ETH, potentially influencing market trends in the coming days.
Martinez reported that nearly $2 billion of ETH has been withdrawn from exchanges over the past month, which could lead to a further Ethereum price surge on the upside. However, the analyst stated that for Ethereum (ETH) to experience a bullish breakout, it needs to surpass several critical resistance levels. On-chain data highlights the $3,360–$3,450 range as a significant supply zone.
Technically, ETH seems to be forming the right shoulder of a head-and-shoulders pattern, with the neckline at $4,000. A decisive breakout above this level could trigger a rally, potentially pushing the price toward $7,000.
Source: Ali Martinez
Hsiao-Wei Wang of the Ethereum Foundation announced that the organization will transfer 50,000 ETH to a new wallet, which will be used to engage with the DeFi ecosystem. The wallet is set to be seeded with approximately $150 million worth of ETH, though the setup process may take a few days.
“The Ethereum Foundation has set up a new Safe 3-of-5 multisig wallet … An op has been initiated to send 50,000 ETH there, but be patient; due to signing delays, this will take a few days to process. The [Ethereum Foundation] will use this new wallet to participate in the DeFi ecosystem,” Hsiao-Wei Wang noted in the X post.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
