Ether could surge 33% within the next 6 months if it holds above this key resistance level for one more week, Fairlead Strategies says
Ethercould surge as much as 33% to $6,000 if its hold above a key resistance level.
- The move could happen if ether remains above $4,384 by next Friday, according to Fairlead Strategies' Katie Stockton.
- Ether surged almost 5% to record highs above $4,500 on Tuesday.
The second-largest cryptocurrency hit record highs on Tuesday, jumping almost 5% to above $4,500 for the first time ever.
According to Stockton, the gains could continue if ether marks consecutive weekly closes above its prior resistance at $4,384. That means ether needs to close above $4,384 both this Friday and next Friday at 8 p.m. ET for Stockton's forecast to be in play.
If ether confirms its recent breakout above prior resistance, Stockton sees the cryptocurrency surging as much as 33% from current levels to $6,000, based on a measured move price projection. That price target could come quickly for ether, as Stockton sees the gains happening within the next six to 12 months, according to the note.
"Of course, we would not expect it to get there in a straight line, but a confirmed breakout would support a bullish bias potentially through the first half of 2022," Stockton told Insider.
If ether doesn't confirm its recent breakout and moves lower, Stockton said investors should look to potential support at $3,340, representing potential downside of 26% from current levels.
Ether is up more than 600% year-to-date, bringing its total market value to more than $530 billion according to data from CoinMarketCap.
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