Crypto Market Rebounds, Analysts Predict New All-Time High for Ethereum and 300% Pump for XRP

After starting the week on a downtrend, the crypto market is attempting a recovery today. With the market rebound, the Ethereum price is retesting the $4,000-$4,100 resistance, which could open the door for a much bigger rally.

When Ethereum cracks this resistance, analysts have predicted that the ETH price could soar to a new all-time high soon. Similarly, the renowned crypto analyst Javon Marks has predicted the repeat of a historic pattern that could lead the XRP price to increase by more than 309%. 

Ethereum Retests Key Resistance, Prepares for Rally To New ATH

This week, the price of Ethereum (ETH) dropped to its weekly low of $3,700. However, with the crypto market rebound of today, the Ethereum price has risen to retest the key resistance at $4,000-$4,100. 

While Ethereum still hasn’t formed a clear top above this critical resistance zone since before the market crash, the long-term chart still paints a bullish picture for ETH. A popular crypto chartist and trader, Michael Ceasar, confirms this sentiment on the 3-month Ethereum price chart.

Ceaser explains that on the 3M chart, the Ethereum price has successfully broken through the key resistance level at $3,800 and retested it. With the multiple retests of this support level, Ethereum is now signaling a clear bullish setup.

The 1D chart shows an even stronger bullish confluence for $ETH. The Ethereum price has also been increasing along an ascending trendline. If we see a bullish reaction at this support level, it would confirm the strength of buyers and provide the confirmation we need for upward momentum. ETH is also bullish on the 4H timeframe.

With the confluence of bullish signals on multiple timeframes, ETH needs to break the $4,000-$4,100 resistance to kickstart the rally. The target, according to Ceaser, is as high as $6,200 for a new ATH. However, CryptoGEMs, like BitMine’s Tom Lee, believe that the Ethereum price could hit $10,000 in this bull cycle.

Analysts Predict 300+% Price Pump for XRP

Since the XRP price dipped to the $2.2 support last week, the altcoin has been rising steadily. Riding today’s crypto market rebound, the XRP price has recovered above the $2.45 support level and is now flashing bullish signals for possibly bigger gains.

A pointer to this is the big bets bulls have been placing on XRP. In addition to whale purchases, Xaif Crypto recently reported that a whale has opened a massive $1 million XRP long position with 10x leverage at $2.40. The bullish signal of XRP is further confirmed by its declining exchange reserve.

To support the strong fundamental outlook of XRP, the popular crypto analyst Javon Marks has reported that the current XRP price structure looks similar to that of the previous bull run. 

If this pattern plays out, Marks predicts that the XRP price could increase by up to 3099% and rally to $9.90, which would be a new ATH for XRP. The analyst also thinks that the XRP could even rise higher than this point.