If Ethereum maintains this behaviour, Lark Davis is postulating the altcoin will experience a possible rally to $7,000-$8,000, indicating a potential 100% price gain from current market levels.
At the time of writing, Ethereum is trading at $4,006, reflecting price losses of 0.32% and 10.7% in the past one and seven days, respectively. Meanwhile, the asset’s trading volume has crashed by 57.49% and is now valued at $21.66 billion. Looking to the next month, Ethereum is likely to maintain its current rebound as Q4 begins.
Interestingly, the altcoin has recorded an average monthly return of 6.94% and a median monthly return of 1.94% in October, indicating strong potential for market growth. However, Lark Davis has identified an important support level around the $3,800-$3,900. The analyst warns that Ethereum bulls must maintain this price floor to preserve their current bullish structure.
Meanwhile, with a market cap of $483.26 billion, Ethereum continues to rank as the second-largest cryptocurrency.
