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Renowned cryptocurrency trader and analyst Jacob Canfield indicates the next price target for an explosive Ethereum (ETH) rally. Should it come true, Ethereum (ETH) could soar by 50% in near future.
Ethereum (ETH) price's next target indicated by analyst
The Ethereum (ETH) price smashed through the crucial "weekly support retest" over $2,100. As such, another 50% upsurge might be on the menu, trader Jacob Canfield opined on X today, Dec. 28, 2023.
Are you guys ready for $ETH to teleport?
— Jacob Canfield (@JacobCanfield) December 28, 2023
Weekly support retest complete.
Time to accelerate 🚀 pic.twitter.com/bvxNA2YO3f
The next target for Ethereum (ETH) price can be found at $3,600. As such, the trader asks his audience whether it is ready for "teleport" to such impressive price levels and admits that the time to accelerate has come.
Today, in the early morning hours, the Ethereum (ETH) price set new 2023 high over $2,440. By press time, it retraced to $2,400.
The last time Ethereum (ETH) was trading over $3,600 was in April 2021, right before the collapse of the Terra (LUNA) ecosystem and the 2021-2022 Crypto Winter.
This year, the Ethereum (ETH) price more than doubled; in late December 2022, the second-largest cryptocurrency was changing hands around $1,200.
Solana (SOL) "takes a breath," loses 17% from 2023 peak
Canfield is also bullish on the midterm future of Solana (SOL), a key Ethereum (ETH) competitor. As covered by U.Today previously, he indicated a crucial catalyst for Solana (SOL) demand.
According to his theory, the Solana (SOL) community needs more tokens to take part in potential retroactive airdrop campaigns. This frenzy was triggered by massive JTO token distribution organized by Jito Finance, a Lido copycat on Solana (SOL).
Meanwhile, the price of Solana (SOL) retraced after the 900% rally of last 12 months. It reached a local high over $123, but now it is changing hands at $100.