Given that the ongoing cycle is still in the bullish phase, confidence in Ethereum about an event is imminent A significant rise to unprecedented levels appeared within the community. ETH may have faced extreme volatility over the past few weeks, but cryptocurrency analysts confirm that the altcoin’s next big rally could be on the horizon.
A historic return to current highs is imminent
Titan of Crypto, technical expert and trader, I searched In the performance of the Ethereum price in the ongoing cycle, indicating a move to historical levels. In the analysis, Titan of Crypto claims that ETH could be on the cusp of reclaiming its all-time high of $4,800.
The expert’s perspective is based on past trends, in particular the 2021 market cycle in which ETH reached its current peak in price. His forecast points to a similar trend when periods of consolidation precede notable price increases in 2021.
Increased negative feelings about Ethereum price The performance among investors is the main reason for the bullish analysis of Titan of Crypto. While many are complaining about ETH’s lackluster performance in the ongoing cycle, the analyst highlighted that the altcoin is ahead of the 2021 market cycle.
As of December 2020, the expert noted that Ethereum It was still 90% below its previous all-time high. Meanwhile, the altcoin is only 44% below its all-time high this month, indicating the potential for a better bull cycle than the last one.
In the last cycle, ETH did not regain its peak until January 2021. Since the performance of this cycle is quite similar to previous scenarios, Titan of Crypto analysis suggests that the cryptocurrency asset may also return to its all-time high soon, perhaps in January 2025.
with Increase investor confidenceWith increased adoption of decentralized applications, and consistent network updates, Ethereum could attract the momentum needed to rise to a new peak. However, monitoring key resistance levels and general market conditions will be important to determine the next move for ETH in the coming weeks.
ETH price points the way to $7,300
Despite the current market fluctuations. Ethereum It continues to show the potential for a major move into uncharted territory. The recent price action shows that Ethereum has formed a decisive chart formation, sparking optimism among investors about an upward breakout.
According to According to market expert Crypto Patel, an inverse head and shoulders pattern has appeared on the 5-day time frame. This key formation, which is often associated with noticeable price increases, indicates that the altcoin is poised to rally as it looks for a breakout to the upside.
If ETH breaks out of the bullish pattern, the expert is confident that the digital asset could rise to the $7,300 level. Next, Crypto Patel expects other things Alternative currencies to follow suit soon, urging investors and traders to be patient.
Featured image from Unsplash, chart from Tradingview.com