Crypto enthusiasts are once again demonstrating their confidence in Ethereum, the second-largest digital asset capability in the ongoing cycle, with some experts predicting that ETH could be witnessing a historical price rally to unprecedented heights at the peak of this bull cycle. These experts point to past market trends and ETH’s robust growth as key markers of its long-term potential.
Ethereum’s Massive Rally May Hinge On Key Breakout
Ethereum’s price could be set for a historical run as a crypto analyst and investor, Trader Tardigrade, has predicted a major breakthrough for ETH to a new all-time high, particularly the $10,000 milestone in the current bull cycle.
The market expert shared the audacious prediction on the X (formerly Twitter) platform, which is part of a larger belief that the altcoin could spearhead the much-anticipated altcoin season. Trader Tardigrade made the forecast after observing ETH’s performance from several previous breakouts from a Symmetrical Triangle pattern on an Ascending Trendline.
In the X post, the analyst highlighted that the altcoin is currently trading on an ascending trendline with symmetrical triangles, potentially signaling the start of a significant price surge. Specifically, this pattern emerges when a descending line connecting the highs and an ascending line connecting the lows converge, which suggests a period of consolidation prior to a possible downward or upward breakout.
According to Tardigrade, since 2022, Ethereum has formed about 3 symmetrical triangles on the ascending trendline. The first breakout for the bullish pattern led to an over 70% price increase, and the second breakout from the formation triggered a more than 140% upswing for the crypto asset.
Meanwhile, Tardigrade noted that the altcoin has broken out of the third symmetrical triangle. As a result, the expert predicts ETH might reach the $10,000 milestone if the current breakout produces an over 280% increase, which is projected to be twice as much as the previous upswings.
Considering several positive developments seen around ETH and the Ethereum blockchain network, coupled with bullish market sentiment, this symmetrical triangle breakout could act as a trigger for explosive growth in the upcoming months.
ETH’s Recent Upside Price Momentum Turns Bearish
Today, the general crypto market saw a negative move, halting the renewed momentum of major cryptocurrency assets like Ethereum. The downswing seems to have sparked a bearish outlook for ETH as the altcoin is approaching the $2,600 level once again since last Thursday.
ETH is presently demonstrating a nearly 3% decline in the last 24 hours, bringing its value to $2,632. This bearish movement has impacted investors‘ and traders’ confidence in ETH, highlighted by a decrease in its market cap and trading volume by about 2.65% and 13.83% in the past day.
Featured image from Unsplash, chart from Tradingview.com
Credit: Source link
