Crypto enthusiasts are once again showing their confidence Ethereum, the second largest capacity for digital assets in the current cycle, with some experts predicting that ETH could witness a historic price surge to unprecedented heights at the peak of this bull cycle. These experts point to past market trends and ETH’s robust growth as key indicators of its long-term potential.
Ethereum’s massive rally could hinge on a major breakthrough
Ethereum’s price could be set for a historic run, as crypto analyst and investor, Trader Tardigrade, has done. predicted a major break for ETH to a new all-time high, specifically the $10,000 milestone in the current bull cycle.
The market expert shared the bold prediction on the X platform (formerly Twitter), which is part of a broader belief that the altcoin could spearhead the long-awaited altcoin season. Trader Tardigrade made the prediction after observing ETH’s performance on several previous breakouts of a symmetrical triangle pattern on an ascending trendline.
In the Specifically, this pattern emerges when a descending line connecting the highs and an ascending line connecting the lows meet, indicating a period of consolidation ahead of a possible downside or upside breakout.
According to Tardigrade, Ethereum has formed approximately three symmetrical triangles on the ascending trendline since 2022. The first breakout from the bullish pattern led to a price increase of over 70%, and the second breakout from the formation caused a rise of over 140% for the crypto asset.
Meanwhile, Tardigrade noticed that the altcoin has broken out of the third symmetrical triangle. As a result, the expert predicts that ETH could reach the $10,000 mark if the current breakout produces a surge of more than 280%, which is expected to be twice as much as the previous upswings.
Given several positive developments surrounding ETH and the 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 upward price momentum is turning bearish
Today, the overall crypto market saw negative movement, halting the renewed momentum of major cryptocurrency assets like Ethereum. The downturn appears to have led to a bearish outlook ETH while the altcoin is again approaching the $2,600 level since last Thursday.
ETH is currently down almost 3% in the past 24 hours, bringing its value to $2,632. This bearish move has had an impact investors‘ and traders’ confidence in ETH, highlighted by a decline in market cap and trading volume of approximately 2.65% and 13.83% in the past day.
Featured image from Unsplash, chart from Tradingview.com