Although the price of Ethereum has fallen, analysts predict an explosive surge to $15,000. Here’s why:

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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, suffered another price decline. After trying to gain some bullish momentum last week, Ethereum is down 2.4% over the past 24 hours, trading at $3,577 at the time of writing.

The decline leaves Ethereum down 26.8% from its all-time high of $4,878 hit in November 2021. Despite this, the network’s daily trading volume remains quite strong, hitting $42.4 billion. This is a significant increase compared to the end of last month when trading volume fell below. 35 billion dollars.

Chart patterns indicate a potential rally.

Although Ethereum’s current price trajectory may seem disappointing, analysts in the cryptocurrency community have expressed optimism about Ethereum’s long-term potential.

Several technical indicators and chart patterns have emerged, leading some analysts to predict a significant rebound for the asset in the coming months.

One notable voice among bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. In a recent post on X, the analyst highlighted the “cup and handle” shape on Ethereum’s monthly price chart.

Cup and handle formation on Ethereum chart. — Cup and handle formation on the Ethereum chart. | Source: CryptoBullet

According to CryptoBullet, this pattern suggests that Ethereum could surge to new highs, potentially reaching $6,675. “Have you seen the $ETH monthly chart?” the analyst said. Bullish AF. This month, we plan to SMASH through resistance. Cup & Handle Goal – $6675.”

Adding to the optimism, another prominent analyst, Venture Founder, predicted even more ambitious goals for Ethereum.

In a detailed analysis, the venture founder noted that Ethereum has been in a “triangular consolidation phase” for the past three years, a pattern reminiscent of its behavior from 2016 to 2017.

The analyst predicted that Ethereum could break out of this consolidation and enter a new price paradigm, with an estimated target of $15,937 by May 2025. The venture founder said: With the new ATH.”

Strengthening the love triangle for 3 years #Ethereum and $ETH We were able to enter a new paradigm that has been solidified over the past seven years.
Base case: Ethereum is likely to repeat the impulsive breakout it did between 2016 and 2017 to push its way to a new ATH.
Target price: $15,937 by May 2025 pic.twitter.com/3iYZTjG6Lv
— Venture Founder (@venturefounder) December 2, 2024

Symmetrical triangle pattern creates interest

Another respected analyst, Clifton Fx, offered a similar outlook, focusing on the formation of a symmetrical triangle in Ethereum observed during the weekly period.