Crypto enthusiasts are once again demonstrating their faith Ethereum, The second-largest digital asset by potential in the ongoing cycle, some experts predict that ETH could see a historic price rally to unprecedented highs at the peak of this bullish cycle. These experts point to past market trends and ETH’s strong growth as key markers of its long-term potential.
Ethereum’s huge rally may hinge on major breakout
Ethereum price could be set for a historic high according to crypto analyst and investor, Trader Tardigrade predicted A major breakthrough for ETH to a new all-time high, especially the $10,000 milestone in the current bullish cycle.
market specialist shared The audacious prediction on the X (formerly Twitter) platform, which is part of a larger belief that altcoins could lead the much-anticipated altcoin seasonTrader 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 beginning of a significant price increase. Specifically, this pattern emerges when a descending line connecting highs and an ascending line connecting lows intersect, suggesting a period of consolidation before a potential downside or upside breakout.
According to Tardigrade, since 2022, Ethereum has formed 3 roughly symmetrical triangles on an ascending trendline. The first breakout to the bullish pattern caused a price increase of over 70%, and the second breakout from the formation caused a price increase of over 140% for the crypto asset.
Meanwhile, the tardigrade said that altcoin The third is broken by a symmetrical triangle. As a result, the expert estimates that if the current breakout produces an increase of more than 280%, ETH could reach the $10,000 milestone, which is estimated to be double the previous surge.
Considering the many positive developments seen in and around ETH Ethereum Blockchain NetworkCombined with bullish market sentiment, this symmetrical triangle breakout could act as a trigger for explosive growth in the coming months.
ETH’s recent rising price momentum has turned bearish
Today, the general crypto market witnessed a negative shift, halting new momentum for leading cryptocurrency assets like Ethereum. The decline appears to have given rise to a bearish outlook ETH As the altcoin is once again approaching the $2,600 level from last Thursday.
ETH is currently showing a decline of about 3% in the last 24 hours, bringing its value to $2,632. This bearish move has had an impact investors‘And traders’ confidence in ETH was highlighted by the decline of approximately 2.65% and 13.83% in its market cap and trading volume over the past day.
Featured image from Unsplash, chart from tradingview.com
