Emily Walker
In light of a cooling market trend, Ethereum, the second-largest cryptocurrency, is experiencing a significant decline, touching various support levels. Nonetheless, recent chart indicators suggest that this altcoin may soon set off on a major upswing that could elevate ETH to unprecedented highs in the near future.
Major Breakout Could Propel Ethereum Forward
Examining Ethereum’s price movements, market expert Captain Faibik has highlighted a critical breakout pattern that stirs optimism for investors about future price surges to record levels. He noted that ETH has formed a significant Triangle pattern over the past two years, and this breakout signals a pivotal shift in market dynamics that could lead to a strong rally for Ethereum.
This significant breakout from the Triangle formation suggests a notable change in momentum, hinting at potential market growth for ETH. Captain Faibik believes that this marks the official start of the 2024-2025 bull run for Ethereum, with a target price reaching as high as $10,000.
According to Faibik, ETH’s journey towards the $10,000 mark is seemingly on track, backed by critical technical indicators showcasing bullish momentum as the cryptocurrency transcends vital resistance points, laying groundwork for further price increases.
Despite the existing volatility in the Ethereum market, Faibik’s insights indicate that solid fundamentals could drive ETH towards that key price level. He encourages investors to remain steadfast with their ETH holdings, suggesting a sizeable rally is imminent.
Ethereum’s Slow Growth Compared to Bitcoin
Recently, Ethereum has faced a downturn, causing concerns among traders and investors. However, as analyst Crypto Jelle points out, this situation, when juxtaposed with Bitcoin—the top cryptocurrency—should not cause any alarm. He stated that ETH’s lag behind Bitcoin is entirely expected.
Jelle elaborated that historically, Ethereum typically initiates significant price movements only after Bitcoin experiences a notable surge, resurfacing only after Bitcoin increases by 100% past its previous high. Given Bitcoin’s current outperformance, Jelle remains optimistic that Ethereum might follow a similar path in this cycle.
As of the latest update, ETH was trading at $3,656, representing a decline of over 2% within the last day. This price drop has negatively affected investor sentiment, along with a decrease in both market capitalization and trading volume exceeding 2% and 21% respectively over the past 24 hours.