Crypto analyst Javon Marks revealed how Ethereum could recover and possibly surpass its current all-time high (ATH) of $4,900. This came as it highlighted the bullish pattern that the altcoin continues to maintain despite the current trend downward trend in the cryptocurrency market.

Ethereum eyes are moving towards ATH amid a hidden bull divergence pattern

In Post XJavon Mark noted that Ethereum is maintaining a larger Hidden Bull divergence pattern. Based on this, he stated that with full reaction, ETH could surge by over 140% and even break its current all-time high of $4,900. The attached chart showed that altcoin can augment to $5,000 until mid-year.

His prediction comes as Ethereum continues to hover below the psychological $2,000 level. Despite this, Marks assured that there is still a high probability of a reversal of the upward trend on a larger scale, as ETH has recently shown a positive reaction to Regular shares Bullish divergence pattern. The analyst also predicted that the altcoin could still reach $8,500 as part of the bigger macro picture.

Among this bullish forecast for Ethereum, it is worth paying attention to the Wall Street giant Chartered standard has been downgraded its end-of-year ETH target from $7,000 to $4,000, which indicates that there is also a possibility that the altcoin will not reach up-to-date ATH this year. The bank also predicted that ETH could continue to fall as low as $1,300 before rebounding.

Standard Chartered cited a decline in institutional demand as the main reason for lowering its Ethereum price target. Like Bitcoin ETFs, ETH ETFs continued to experience significant net outflows. SoSo Value data shows that these funds are now on track to record their fourth consecutive month of net outflows.

How can ETH continue to fall as low as $1,136

In Post XCryptocurrency analyst Trader Tardigrade has warned that a bearish pennant is forming that could send Ethereum as high as $1,136. The analyst noted that after the initial drop, ETH is consolidating inside converging trend lines and this is indicated by the pattern continuation down.

Trader Tardigrade further warned that a drop below the current range could trigger a piercing move lower, sending ETH to a target of $1,136. However, the analyst seems to remain bullish on the altcoin in the long term. Had stated previously that ETH is repeating a similar pattern from previous cycles, where a crash follows consolidation before a rebound. This time I’m anticipating it Ethereum may rise up to $7,000 when it starts to recover.

At the time of writing, Ethereum is trading at around $1,968, having risen over the past 24 hours, according to data from CoinMarketCap.

Featured image from Freepik, chart from Tradingview.com