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Analyst Benjamin Cowen recently made a crucial prediction regarding Ethereum's future, sharing a logarithmic chart with a mysterious comment, "I want ETH to finally go home," and hinting at the target above $6,000, which would be a massive milestone to reach for the second-biggest cryptocurrency.
The chart analyzed suggests that Ethereum's price trajectory is somewhat aligning with overall growth, according to the logarithmic growth curve. That pattern defines the overall direction in which Ethereum is moving. For now, Ethereum is successfully bouncing from the middle range of the channel, and momentum will continue if upside remains.
LHowever, reaching $6,000 is not an easy task; in order for it to happen, ETH must have these key factors aligned:
Market sentiment: The breakout and gaining a foothold above $3,000 will lead to a strong and sustained sentiment shift, increasing investors' confidence and creating a case for future growth. The institutional interest could also ramp up the asset's growth.
On-chain growth: While the market performance of Ethereum is important, it should also see growing adoption in order to regain its former glory. Layer-2 solutions, DeFi and other sectors of the network should enter the phase of active growth to see the price rally.
Technical situation: Ethereum has been reclaiming one resistance after another, Leveraging the strength of EMAs, showing its overall bullish tendency. Volume profiles also suggest that buyers are there, and the overall tendency for the asset looks more than bullish. However, maintaining that pace is the key for reaching higher targets.
Macroeconomics tendencies: The cryptocurrency market does not exist in a vacuum, so external factors have a massive effect on the market, and with the growth on the world market, we should not be too worried about ETH's future.
The amount of $6,000 marks 100% growth from current values – that does not happen overnight for assets with a massive market capitalization like Ethereum. Watching key levels like $3,500, $4,200 and $5,000 should be your guide when trying to evaluate current chances for Ethereum to rise to the long-desired $6,000 mark.