The crypto community continues to show optimism towards Ethereum, the second-largest token, despite its recent sluggish performance. Although the price has found strong support and has started to rebound, there is still uncertainty among market participants about the next price movement. However, many believe that Ethereum is currently undervalued and has the potential for a significant upswing in the near future.
Analysts and crypto veterans point out that Ethereum is trading within a bullish pattern in the long term and has been exhibiting a bullish divergence. This signals a potential 100% increase in price, with five upward waves already in motion. The ETH price is seen as primed for a 2x gain in the coming year, as it shows signs of strong growth potential.
Looking at the weekly chart, Ethereum is trading within an ascending triangle, hinting at a possible long position. The resistance at $4000 has proven to be a tough barrier to break, but a breakout from these levels could lead to a significant surge, pushing the price past its all-time high. However, the timeframe for this breakout may be slightly extended as buying volume needs to accumulate.
From a technical perspective, the RSI is showing incremental growth, and the Ichimoku cloud’s base and conversion line have experienced a bullish crossover. This suggests that while the price may face resistance at $4000, any pullback is likely to be limited above $2500, indicating strong bullish momentum. A successful rebound from these levels could help Ethereum break through the $4000 resistance and establish a sustainable uptrend.
If Ethereum manages to surpass these key levels, it could trigger a powerful uptrend, potentially leading the token to new all-time highs in 2025. Overall, the outlook for Ethereum remains positive, with many expecting significant growth in the near future. Share this crypto insight with your network to stay updated on Ethereum’s potential for a major upswing.