Analyst identifies patterns triggering a bounce for ATH

Ethereum price has been trading more than 50% below its all-time high of $4,800 all year and shows no signs of returning to its previous all-time highs. However, this slow trend may not last much longer as cryptocurrency analysts have identified a pattern that could trigger a rebound to previous highs.

Ethereum is trapped in a bullish triangle.

In an analysis published on TradingView, cryptocurrency analyst FieryTrading identified a unique pattern in which the price of Ethereum has been trading for nearly two years. This pattern was a bullish triangle and lasted for over a year and a half.

Looking at the chart, Ethereum price has not broken out of this bullish triangle and has not succeeded in breaking out of it. The love triangle began in mid-2022, when the Terra Network collapse triggered a collapse across cryptocurrency markets. Despite several major recoveries since then, the price of the altcoin has remained within this triangle.

Source: Tradingview.com

The bottom of this bullish triangle is at the cycle low of $887, while the top is tracking just above $2,100. Considering this range, it suggests that Ethereum would need to clear the $2,200 resistance to break out of this bullish triangle.

What happens if ETH breaks out of this pattern?

As highlighted by cryptocurrency analysts, a breakout of this pattern would lead to a massive rally. The high point of this breakout rally could eventually see Ethereum price return to its all-time highs in 2021, reaching above $4,800.

ETH price at $2,047 | Source: ETHUSD on Tradingview.com

“In my eyes, a break out of this pattern could result in big profits for ETH because it would burst an area full of short-term stop losses, forcing us to buy back the position,” FieryTrading said. A move to $4,800 would represent a 130% increase from current price levels.

However, the cryptocurrency analyst explains that this may be a long-term achievement, so the cryptocurrency is unlikely to complete this move until at least 2024. However, this paints a good and optimistic picture for altcoins going forward. .

This year on its own, the Ethereum price has performed quite well, especially over the past 30 days. According to data from CoinMarketCap, the price of ETH has risen 16.53% in one month, breaking the $2,000 resistance level, which has now been converted into support.

Ethereum remains the second largest cryptocurrency with a market capitalization of approximately $250 billion.