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price of ethereum Signaling a possible breakout based on recent price movements. According to Trader Tardigrade, a crypto analyst at X (formerly Twitter), if Ethereum can successfully break out of its current high, its value could reach a new all-time high of around $10,000. symmetrical triangle construction,
ETH triangle breakout targets $10,000
The merchant is near the tardigrade predicted Ethereum’s next price target $10,000 Based on an ascending trendline and symmetrical triangle pattern. To be more precise, the analyst has confirmed that the Ethereum price is following a typical ascending trend line and is now forming a prominent symmetrical triangle pattern, which often indicates imminent price breakout,
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In light of these developments, trader Tardigrade reveals that, historically, Ethereum has experienced explosive rallies to new highs Breaking the symmetrical triangle pattern. Sharing an Ethereum price chart confirming this observation, trader Tardigrade revealed that from June 2022 to the present, Ethereum price has broken out of multiple symmetrical triangle patterns playing on an ascending trendline.
Ahead of April 2023, the cryptocurrency’s price broke out of a symmetrical triangle, causing the price to surge by a massive 70.73% to new highs. Similarly, from around October 2023 to early 2024, the cryptocurrency experienced its second breakout, leading to a massive price rally of 140.4%.
based on historical bullish trendsTrader Tardigrade notes that Ethereum is approaching a third breakout from its current symmetrical triangle pattern. In the last breakout, the cryptocurrency had doubled its gains, rising 70% from the first breakout to 140%.
With this in mind, the analyst estimates that this next breakout could result in a 280% surge in Ethereum’s price, which would double its 140% jump from the second breakout. Furthermore, if Ethereum price surges from this projected 280% rally, its price could potentially reach $10,000.
Update on Ethereum price action
despite this bullish projections Suggesting that Ethereum may be ready to reach new all-time highs, the cryptocurrency has been under significant downward pressureExperiencing big decline and slow growth. to the disappointment of Ethereum investorsAccording to CoinMarketCap, the cryptocurrency has fallen again by 2.20% in the last 24 hours, after experiencing a 4.1% decline over the past week.
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Working Ethereum decline There has been significant reaction from analysts as well as many crypto community members ranking It is one of the lowest performing assets of the last market cycle. While other crypto members emphasize That’s how disappointing the price performance of cryptocurrencies has been recently.
At the time of writing, Ethereum price is trading at $2,517, with many Prediction That the cryptocurrency could possibly fall even lower and trigger Bearishness will occur if other altcoins in the market fail to sustain the 0.038 BTC/ETH level.
Featured image created with Dall.E, chart from tradingview.com
