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Cryptocurrency News Articles
Ethereum Price At $10,000: Symmetrical Triangle Breakout Predicts Big Gains
Oct 25, 2024 at 01:30 am
The Ethereum price is signaling a potential breakout based on recent price movements. According to Trader Tardigrade, a crypto analyst on X (formerly Twitter), Ethereum could see its value reaching new all-time highs of around $10,000 if it can successfully break out of its current symmetrical triangle formation.
According to a recent analysis by Trader Tardigrade, a crypto analyst on X (formerly Twitter), Ethereum's next price target could be $10,000. This prediction is based on the presence of an ascending trendline and a symmetrical triangle pattern in ETH's price chart.
Highlighting the significance of this ascending trendline, the analyst noted that ETH's price has been following a distinct ascending trendline since June 2022. This price action, coupled with the formation of a symmetrical triangle, has historically indicated an explosive rally to new highs for Ethereum.
To illustrate this further, the analyst shared an ETH price chart, showing that since June 2022, the cryptocurrency's price has broken out of multiple symmetrical triangles while playing on an ascending trendline. Before April 2023, the crypto's price broke out of a symmetrical triangle, which led to a massive 70.73% price increase to new highs.
Similarly, from around October 2023 to the beginning of 2024, the cryptocurrency experienced its second breakout, triggering a massive 140.4% price rally. Now, approaching its third breakout, ETH has clocked 211 days within this symmetrical triangle, which could lead to a 280% price increase, doubling its 140% jump from the second breakout.
With this 280% rally, ETH's price could potentially reach $10,000. However, it's important to note that this projection is subject to the cryptocurrency continuing its ascending trendline movement and maintaining the 0.038 BTC/ETH level, which has acted as strong support throughout 2023.
Despite these bullish projections, suggesting that Ethereum could be gearing up to hit new all-time highs, the cryptocurrency has been facing significant downward pressure, experiencing major declines and slow growth.
According to CoinMarketCap, ETH's price has decreased by 2.20% in the last 24 hours, with a 4.1% decline over the past week. This ongoing decline has also prompted backlash from many crypto community members, with analysts ranking it as one of the most underperforming assets from the previous market cycle.
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