Ethereum (ETH) May Hinge on Key Breakout to Witness Historical Price Rally, Experts Predict

Crypto enthusiasts are once again demonstrating their confidence in Ethereum, the second-largest digital asset capability in the ongoing cycle

Crypto enthusiasts are once again showing their bullishness for Ethereum, the second-largest digital asset by market capitalization, in the current cycle, with some predicting that ETH could be seeing a historic price rally to new all-time highs by the peak of this bull cycle. They point to past market trends and ETH’s strong growth as key indicators of its long-term potential.

Ethereum’s Massive Rally May Depend On Key Breakout

Ethereum price could be up for a historic run as a crypto analyst and investor, Trader Tardigrade, has predicted a major breakout for ETH to a new all-time high, especially the $10,000 mark in the current bull cycle.

The market expert shared the bullish prediction in an X (formerly Twitter) post, which is part of a larger prediction that the altcoin will spearhead the much-anticipated altcoin season. Trader Tardigrade made the prediction 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, which could signal the beginning of a major price breakout. Notably, this pattern emerges when a descending line connecting the highs and an ascending line connecting the lows converge, indicating a period of consolidation prior to a potential downward or upward breakout.

According to Tardigrade, since 2022, Ethereum has formed three symmetrical triangles on the ascending trendline. The first breakout from the bullish pattern led to a over 70% price increase, and the second breakout from the formation triggered a more than 140% upswing for the crypto asset.

Now, the analyst noted that the altcoin has broken out of the third symmetrical triangle. Hence, Tardigrade predicts that ETH might reach the $10,000 level if the current breakout manages to produce an over 280% increase, which is projected to be twice as much as the previous upswings.

Considering the several positive developments seen around ETH and the Ethereum blockchain network, coupled with bullish market sentiment, this symmetrical triangle breakout could act as a trigger for explosive growth in the coming months.

ETH’s Recent Upside Price Momentum Turns Bearish

The broader crypto market saw a negative move today, halting the renewed momentum of major cryptocurrency assets like Ethereum. The downswing seems to have sparked a bearish outlook for ETH as the altcoin is seen approaching the $2,600 level once again since last Thursday.

ETH is currently showing a nearly 3% decrease in the past 24 hours, bringing its price to $2,632. This bearish movement has impacted investors’ and traders’ confidence in ETH, which is highlighted by a decrease in its market cap and trading volume by about 2.65% and 13.83% respectively in the past day.

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