Cryptocurrency analyst BallaJi provided insight into how an Ethereum price breakout could occur, and even raised the possibility of ETH reaching $18,000. Ethereum currently boasts a bullish outlook, having recently surpassed $4,000 for the first time since March of this year.
How can Ethereum price reach $18,000?
In a TradingView ShareBallaJi predicted that the price of Ethereum will reach $18,000. The cryptocurrency analyst explained that based on the logarithmic forecast, the measured move of HVF could send Ethereum to the target. He offered a warning, noting that prices rising to the target may not happen in 2025.
However, he is confident that if this bullish pattern is completed, Ethereum price could reach the target price of $18,000 later this decade. A rise to this price target would give Ethereum a market cap of around $2 trillion based on the circulating supply of 120.44 million ETH.
Meanwhile, BallaJi highlighted three logarithmic targets on the chart, with $18,000 being the third and final target. The first and second targets are $3,818 and $6,236 respectively. In an update to the trading setup, the cryptocurrency analyst noted that Ethereum price reached, broke and retested the first target at $3,818.
With trading activity now, BallaJi provided insights into how Ethereum price can continue this upward trend using measured linear moves. The accompanying chart he shared showed the next linear target at $5,193; A rise to this target would mark a new all-time high (ATH) for ETH, with the current ATH price being $4,800.
Meanwhile, the next linear target is $7,299. The BallaJi chart showed that the price of Ethereum should reach these target prices by next year. A rally to the $7,299 target could pave the way for ETH to reach $18,000, although the analyst has already warned that this may not happen in 2025.
The countdown to the new ATH has begun
In X’s post, cryptocurrency analyst Justin Bennett mentioned that the countdown to a new ATH for the Ethereum price has begun. According to the analyst, ETH could quickly rise above $5,000 as it breaks several levels this week. The accompanying analyst chart showed that a quick rise above $5,000 could see Ethereum reach $6,300.
Cryptographic analyzer Titan encryption He also predicted that the price of Ethereum will rise to $5,000 imminently. He stated that the ETH market structure mirrored that of BTC a few weeks ago. He noted that the $5,000 target is just the minimum as he believes the price of Ethereum is likely to rise.
At the time of writing, Ethereum’s price is trading at around $3,980, up roughly 3% over the past 24 hours, according to Data From Coin Market Cap.