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Ethereum (ETH), the second largest cryptocurrency by market cap, has seen another decline in its price. After a previous attempt at bullish momentum last week, Ethereum price has fallen 2.4% over the past 24 hours, trading at $3,577 at the time of writing.
This decline puts Ethereum at a 26.8% decline from its all-time high of $4,878, which was recorded in November 2021. Despite this, the network’s daily trading volume remains very strong, recording $42.4 billion – a significant increase from late Last month when volumes dropped below that. 35 billion dollars.
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Chart patterns indicate potential upside
While Ethereum’s current price trajectory may seem depressing, analysts within the cryptocurrency community have expressed optimism about its long-term potential.
Several technical indicators and chart patterns have emerged, leading some analysts to expect a significant rally for the asset in the coming months.
One prominent voice among bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. Recently mail On X, the analyst highlighted a “cup and handle” formation on the monthly Ethereum price chart.
According to CryptoBullet, this pattern suggests that Ethereum could rise to new highs, potentially reaching $6,675. “Have you guys seen the monthly ETH/USD chart? Bullish AF. This month, we are going to break the resistance. Cup and handle target – $6,675,” the analyst commented.
Adding to the optimism, Venture Founder, another prominent analyst, predicted a more ambitious target for Ethereum.
In a detailed analysis, the project founder noted that Ethereum has been in a “triple consolidation phase” over the past three years, a pattern reminiscent of its behavior from 2016 to 2017.
The analyst predicted that Ethereum could emerge from this consolidation and enter a new price model, estimating a target of $15,937 by May 2025. The project founder stated, “Base case: Ethereum will likely repeat that impulsive breakout it did between 2016-2017 to fire To the new ATH.”
3 years of triangle unification #Ethereum and $ Ethereum It could introduce a new model that it has consolidated over the past seven years.
Base Case: Ethereum will likely repeat the impulsive breakout of 2016-2017 to head to a new ATH.
Target price: $15,937 by May 2025 pic.twitter.com/3iYZTjG6Lv
— Venture Founder (@venturefounder) December 2, 2024
The symmetrical triangle pattern is interesting
Clifton Fx, another respected analyst, gave a similar outlook, focusing on Ethereum’s symmetrical triangle formation observed on the weekly time frame.
According to Clifton Fx, a bullish breakout from this pattern could push Ethereum price as high as $13,000.
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This is in line with broader sentiment shared by analysts, who believe that Ethereum’s technical indicators are paving the way for a significant price rise.
$ Ethereum (to update)
Formation of a symmetrical triangle on the weekly time frame.
In case of an upward breakout, the next stop will be 13 thousand📈#Ether #Ethereum #encryption pic.twitter.com/DTNlCiNnZx
– Clifton FX (@clifton_ideas) November 29, 2024
Featured image created with DALL-E, chart from TradingView