Ethereum Could Rally to Previous Highs, Analyst Says
The Ethereum price has been trading well below its all-time high of $4,800 for a significant period of time. However, a crypto analyst has identified a pattern that could potentially trigger a rally to its previous highs.
Ethereum Stuck Inside a Bullish Triangle
A crypto analyst named FieryTrading has discovered a unique pattern that Ethereum has been trading in for almost two years. This pattern is known as a bullish triangle and it has persisted for over 18 months.
Despite multiple recoveries, the Ethereum price has remained within this triangle and has been unable to break out of it. The formation of this triangle began in mid-2022 after the Terra Network collapse caused a market-wide crash.
FieryTrading believes that once Ethereum breaks out of this triangle, it could experience a significant rally and potentially reach $4,800. This would represent a 130% increase from its current price levels.
A Long-Term Performance
However, the analyst also notes that this rally may not happen until at least 2024, indicating that it could be a long-term performance. Nevertheless, this bullish triangle pattern paints a positive picture for Ethereum’s future.
Strong Performance in 2022
This year, Ethereum has performed relatively well, especially in the last 30 days. Data from CoinMarketCap shows that ETH’s price has increased by 16.53% in one month and has broken above the $2,000 resistance level, which now acts as support.
Ethereum Remains Second-Largest Cryptocurrency
Despite its recent price struggles, Ethereum remains the second-largest cryptocurrency with a market cap of around $250 billion.
Hot Take: Ethereum’s Bullish Triangle Signals Potential Rally
The Ethereum price has been trading within a bullish triangle pattern for over 18 months. While it has struggled to break out of this pattern, a crypto analyst believes that once Ethereum breaks free, it could rally to its previous all-time high of $4,800. This would represent a significant increase from its current price levels. Although the analyst suggests that this rally may not happen until at least 2024, the overall outlook for Ethereum remains positive. In the meantime, Ethereum has performed well in 2022, with a notable increase in price over the past month. As the second-largest cryptocurrency by market cap, Ethereum continues to hold its position as a major player in the crypto market.
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