Crypto analyst BallaJi has recently provided some interesting insights into the potential breakout of the Ethereum price, suggesting that ETH could reach an impressive $18,000 in the future. With Ethereum currently experiencing a bullish trend and breaking above $4,000 for the first time since March, the crypto community is eagerly watching to see how high ETH can go.
The Path to $18,000
According to BallaJi’s TradingView post, the analyst has predicted that Ethereum could potentially reach $18,000 in the coming years. By analyzing logarithmic projections, BallaJi believes that a measured move of a specific pattern could send ETH soaring to this impressive price point. While the analyst acknowledges that this rally may not happen until later this decade, the possibility of Ethereum hitting $18,000 is certainly on the table.
With a market cap of around $2 trillion based on its circulating supply of 120.44 million ETH, a price target of $18,000 would mark a significant milestone for Ethereum. BallaJi has outlined three logarithmic targets on the chart, with $18,000 being the ultimate goal. The analyst has already seen Ethereum reach and retest the first target at $3,818, indicating that the path to higher price targets is well underway.
Looking ahead, BallaJi has shared insights on how the Ethereum price could continue its upward trajectory using linear measured moves. The next linear target is set at $5,193, which would represent a new all-time high for ETH, surpassing its current ATH of $4,800. Subsequent targets include $7,299, with the ultimate goal of $18,000 still in sight, albeit potentially not until a later date.
The Countdown to a New ATH
Other crypto analysts are also weighing in on Ethereum’s potential for growth. Justin Bennett has stated that the countdown to a new ATH for the Ethereum price has begun, with the possibility of ETH quickly rallying above $5,000 in the near future. This rapid ascent could propel Ethereum to hit $6,300, according to Bennett’s analysis.
Similarly, crypto analyst Titan of Crypto has predicted an imminent rally for Ethereum, with a target of $5,000 in sight. Drawing parallels between ETH’s market structure and that of Bitcoin from weeks prior, Titan of Crypto believes that Ethereum has the potential to go even higher than $5,000 in the coming days.
As of the latest data from CoinMarketCap, the Ethereum price is currently trading at around $3,980, showing a nearly 3% increase in the last 24 hours. With the crypto community buzzing about the potential for Ethereum to reach new heights, all eyes are on ETH as it continues its bullish run.