Today I read a forecast for ETH to reach $10,500 in 2021 and I decided to analyze the coin using my usual tools – candlesticks, technical indicators and Elliott Waves.
I view that ETH is at the beginning of a multi-month bear market during which it could lose 25-40% of its value. The most probable targets are on the chart as IV (blue rectangle) and alt IV (green rectangle). Should ETH fall below 1423.20, it would significantly change the perspective and the counts.
Assuming the blue count and the upward channel are correct, the coin could possibly hit $10,500 in 15-20 years.