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The Ethereum price is indicating a potential breakout based on recent price movements. Trader Tardigrade, a crypto analyst on X (anteriormente Twitter), believes that Ethereum could achieve new all-time highs of approximately $10,000 if it manages to break out of its current symmetrical triangle formation.
ETH Triangle Breakout Targets $10,000
Trader Tardigrade has predicted Ethereum’s next price target to $10,000 based on an ascending trendline and symmetrical triangle pattern. Specifically, the analyst has confirmed that the Ethereum price has been following a distinct ascending trendline and is now forming a crucial symmetrical triangle pattern, which often indicates an upcoming price breakout.
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In light of these developments, Trader Tardigrade has revealed that historically, Ethereum has seen explosive rallies to new highs after breaking out of symmetrical triangle patterns. Sharing an Ethereum price chart confirming this observation, Trader Tardigrade disclosed that from June 2022 to the present, the Ethereum price has broken out of multiple symmetrical triangle patterns while adhering to an ascending trendline.
Before April 2023, the cryptocurrency’s price broke out of a symmetrical triangle, leading to a substantial 70.73% price surge to new highs. Similarly, from around October 2023 to the beginning of 2024, the cryptocurrency witnessed its second breakout, triggering a significant 140.4% price rally.
Drawing from these historical bullish trends, Trader Tardigrade has observed that Ethereum is approaching its third breakout from its current symmetrical triangle pattern. During the last breakout, the cryptocurrency had doubled its gains, jumping from 70% to 140%.
Taking this into consideration, the analyst has projected that this upcoming breakout could result in a 280% price increase for Ethereum, doubling its 140% jump from the second breakout. Furthermore, if Ethereum’s price surges by this anticipated 280% rally, then it could potentially reach $10,000.
Update On The Ethereum Price Action
Despite bullish forecasts indicating that Ethereum might be on track to achieve new all-time highs, the cryptocurrency has been facing significant downward pressure, encountering notable declines and sluggish growth. To the disappointment of Ethereum investors, the cryptocurrency has dropped by 2.20% in the last 24 hours, following a 4.1% decrease over the past week, as reported by CoinMarketCap.
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The ongoing decline in Ethereum has sparked significant criticism from many members of the crypto community, with analysts ranking it as one of the most underperforming assets from the previous market cycle. While other crypto enthusiasts highlight how disappointing the cryptocurrency’s price performance has been recently.
At the time of writing, the Ethereum price stands at $2,517, with many predicting that the cryptocurrency could drop even further and potentially trigger a downturn for other altcoins in the market if it fails to sustain the 0.038 BTC/ETH level.
Featured image created with Dall.E, chart from Tradingview.com