Ethereum's current trajectory offers a captivating promise of historical price movement during this bullish cycle. Crypto analyst Trader Tardigrade suggests ETH could soar to unprecedented heights, possibly reaching the $10,000 benchmark.
This speculation is backed by Ethereum’s historical trends and strong growth performance indicators.
Ethereum’s price surge is contingent upon a major breakout, as outlined by Tardigrade, who envisions a climb to new record highs. This prediction, shared widely on the social media platform X (formerly known as Twitter), ties into broader expectations of an imminent altcoin season led by Ethereum.
Tardigrade bases this forecast on Ethereum's previous strong breakouts from a Symmetrical Triangle pattern along an Ascending Trendline.
The analysis points to Ethereum's current trading on an ascending trendline featuring symmetrical triangles, indicators of a potential major upswing. This pattern, characterized by the convergence of descending highs and ascending lows, typically heralds a consolidation before a prospective breakout in either direction.
Since 2022, Ethereum has displayed three symmetrical triangle formations on an ascending trendline. The first pattern breakout resulted in over a 70% price increase; the second triggered a 140% upward move. Presently, Tardigrade contends that Ethereum's third breakout could catapult ETH to a staggering $10,000, contingent on a projected over 280% price swell—doubling prior upswings.
With favorable prevailing conditions in the Ethereum ecosystem and prevailing optimism in market sentiment, this symmetrical triangle breakout might stimulate significant growth soon.
However, today’s overall crypto market downturn challenges Ethereum's upward momentum. The altcoin's price has dropped to approximately $2,632, a nearly 3% decline over the past 24 hours. This bearish trend has weakened investor sentiment, as reflected in an approximate 2.65% drop in market capitalization and a 13.83% reduction in trading volume. Ethereum's value now flirts with the $2,600 support level once more since last Thursday.