As a seasoned analyst with over two decades of experience in financial markets, I find Trader Tardigrade’s analysis intriguing and compelling. The historical trend of Ethereum breaking out from symmetrical triangle patterns while following an ascending trendline is undeniably bullish. In my career, I have seen numerous market cycles and trends, yet this particular pattern in Ethereum has proven to be consistently profitable.
Based on recent fluctuations in price, the cost of Ethereum might indicate an impending breakthrough, as suggested by crypto analyst Trader Tardigrade on platform X. If Ethereum manages to escape from its present symmetrical triangle structure, it could potentially hit unprecedented highs, possibly around $10,000.
ETH Triangle Breakout Targets $10,000
According to Trader Tardigrade’s analysis, Ethereum might reach $10,000 soon due to its consistent upward trendline and a developing symmetrical triangle shape. This particular triangle pattern is typically a sign that a significant price movement could be on the horizon.
Given recent events, Trader Tardigrade has disclosed a historical pattern in Ethereum’s performance: it tends to surge to record highs following a breakout from symmetrical triangle formations. Providing an Ethereum price chart as evidence, Trader Tardigrade points out that since June 2022, the Ethereum price has broken through several symmetrical triangle patterns while moving along an upward trendline.
Prior to April 2023, the value of this digital currency surged past the boundaries of a symmetrical triangle formation, resulting in an impressive 70.73% price jump to record highs. In a similar fashion, between roughly October 2023 and early 2024, the cryptocurrency underwent its second breakout, causing a significant 140.4% price surge.
According to historical bullish patterns observed by Trader Tardigrade, it appears that Ethereum is about to make a third breakout from its current symmetrical triangle formation. In previous breakouts, Ethereum saw significant gains, increasing by approximately 70% from the first breakout and then doubling that gain to reach 140%.
The analyst anticipates that the upcoming surge in Ethereum might cause its price to soar by an estimated 280%, which would more than double its previous 140% rise following the second breakout. If this projected 280% increase materializes, Ethereum’s price could potentially climb as high as $10,000.
Update On The Ethereum Price Action
Despite bullish projections suggesting that Ethereum could be gearing up to hit new all-time highs, the cryptocurrency has been under significant downward pressure, experiencing major declines and slow growth. To the dismay of Ethereum investors, the cryptocurrency has declined again by 2.20% in the last 24 hours, after experiencing a 4.1% decrease over the past week, according to CoinMarketCap.
The persistent drop in Ethereum’s value has sparked strong criticism from numerous cryptocurrency enthusiasts, with analysts labeling it as one of the weakest performers from the last market cycle compared to other assets. Some crypto users, however, underscore how dismal its recent price performance has been.
At this moment, Ethereum’s value stands at approximately $2,517. Some analysts foresee a potential further decrease, and if Ethereum can’t hold onto its current value in terms of Bitcoin (0.038 BTC per ETH), it might cause a ripple effect, potentially leading to a downturn among other alternative cryptocurrencies in the market.
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2024-10-24 20:46