Cryptocurrency enthusiasts are showing their confidence once again ethereum, The second largest potential digital asset in the ongoing cycle, with some experts predicting that ETH will see a historic price surge to unprecedented heights at the peak of this bull cycle. These experts point to past market trends and ETH’s strong growth as key signs of its long-term potential.
Ethereum’s huge rally may hinge on a major breakout
The price of Ethereum can be determined on a historical basis, said cryptocurrency analyst and investor, Trader Tardigrade, anticipation It is a major breakout for ETH to a new all-time high, particularly the $10,000 mark in the current bull cycle.
Market expert subscriber The bold prediction on X (formerly Twitter), which is part of a larger belief that the altcoin could lead the long-awaited move. Altcoin season. Trader Tardigrade made his prediction after observing ETH’s performance from several previous breakouts of the symmetrical triangle pattern on the uptrend line.
In X’s post, the analyst highlighted that the altcoin is currently trading on an upward trend line with symmetrical triangles, which could signal the beginning of a significant price rally. Specifically, this pattern appears when the bearish line connecting the highs and the bullish line connecting the lows converge, indicating a period of consolidation before a bearish or bullish breakout is possible.
According to Tardigrade, since 2022, Ethereum has formed around 3 symmetrical triangles on the rising trend line. The first breakout of the bullish pattern led to a price increase of more than 70%, and the second breakout of the pattern led to a rise of more than 140% for the cryptocurrency asset.
Meanwhile, Tardigrade pointed out that Alternative currency The third symmetrical triangle has been broken. As a result, the expert expects ETH to reach the $10,000 level if the current breakout leads to an increase of more than 280%, which is expected to be double the previous highs.
Given the many positive developments seen around ETH and Ethereum blockchain networkCombined with bullish market sentiment, a breakout of the symmetrical triangle could serve as a catalyst for explosive growth in the coming months.
ETH’s recent bullish price momentum has turned bearish
The overall cryptocurrency market saw negative movement today, halting the renewed momentum of major crypto assets such as Ethereum. The decline appears to have sparked bearish expectations for Ethereum The altcoin is approaching the $2,600 level again since last Thursday.
ETH is currently showing a decline of approximately 3% over the past 24 hours, bringing its value to $2,632. This downward movement has affected InvestorsTraders’ confidence in ETH, highlighted by the decline in market capitalization and trading volume by approximately 2.65% and 13.83% in the past day.
Featured image from Unsplash, chart from Tradingview.com