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The Ethereum price signals a possible breakout based on recent price movements. According to Trader Tardigrade, a crypto analyst at symmetrical triangle formation.
ETH Triangle Breakout is targeting $10,000
Trader Tardigrade has predicted Ethereum is next price target to $10,000 based on an ascending trend line and a symmetrical triangle pattern. To be more precise, the analyst has confirmed that Ethereum price has followed a characteristic ascending trendline and is now forming a major symmetrical triangle pattern, which often indicates a impending price breakout.
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In light of these developments, Trader Tardigrade has revealed that Ethereum has historically experienced explosive rallies to new highs after breaking symmetrical triangle patterns. Trader Tardigrade shared an Ethereum price chart that confirmed this observation, revealing that Ethereum price has broken out of multiple symmetrical triangle patterns from June 2022 to date while playing on an ascending trendline.
Before April 2023, the cryptocurrency’s price broke out of a symmetrical triangle, leading to a massive 70.73% price increase to new highs. Similarly, from around October 2023 to early 2024, the cryptocurrency experienced its second breakout, leading to a massive 140.4% price increase.
Based on this historical bullish trendsTrader Tardigrade has noted that Ethereum is nearing its third breakout from its current symmetrical triangle pattern. By the latest breakout, the cryptocurrency had doubled its gains, jumping 70% from the first breakout to 140%.
With this in mind, the analyst has predicted that this next breakout could result in a 280% price increase for Ethereum, doubling the 140% increase from the second breakout. Moreover, if the price of Ethereum rises with this expected 280% rally, the price could potentially reach $10,000.
Update on Ethereum price action
Despite bullish projections Suggesting Ethereum is gearing up to hit new all-time highs, the cryptocurrency has plunged significant downward pressurewith large declines and slow growth. Much to my dismay Ethereum investorsAccording to CoinMarketCap, the cryptocurrency is down another 2.20% in the past 24 hours, after dropping 4.1% in the past week.
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The ongoing one drop in Ethereum has also led to significant backlash from many members of the crypto community and analysts ranking it as one of the worst performing assets from the previous market cycle. While other crypto members to emphasize how disappointing the cryptocurrency’s price performance has been lately.
At the time of writing, Ethereum price is trading at $2,517, with many to predict that the cryptocurrency could fall even lower and possibly tractor a downturn for other altcoins in the market if it fails to maintain the 0.038 BTC/ETH level.
Featured image created with Dall.E, chart from Tradingview.com
Credit : www.newsbtc.com
