Symmetric Triangle Breakout Predicts Big Profits
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that Ethereum price Based on recent price movements, we are predicting a potential breakout. According to Trader Tardigrade, a cryptocurrency analyst at symmetrical triangle formation.
ETH Triangle Breakout Target $10,000
Merchant Tardigrade predicted Next is Ethereum The goal is $10,000 It is based on an upward trend line and a symmetrical triangle pattern. To be more precise, the analyst has confirmed that the price of Ethereum is following a clear upward trend line and is currently forming a major symmetrical triangle pattern. Price breakthrough imminent.
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In light of these developments, Trader Tardigrade noted that historically, Ethereum has since experienced an explosive rise to new highs. It’s a departure from the symmetrical triangle pattern. Trader Tardigrade, who shared an Ethereum price chart confirming these observations, stated that from June 2022 to date, the Ethereum price has broken out of several symmetrical triangle patterns while playing on an upward trend line.
Before April 2023, the price of the cryptocurrency broke out of the symmetrical triangle, resulting in a massive price rise of 70.73% to new highs. Likewise, from around October 2023 to early 2024, the cryptocurrency experienced a second breakout, triggering a massive price rise of 140.4%.
Based on this Historical Bullish TrendThe Tardigrade trader pointed out that Ethereum is currently approaching a third breakout in its symmetrical triangle pattern. In the last breakout, the cryptocurrency doubled its gains to 140%, a 70% increase from the first breakout.
With this in mind, the analyst predicts that this next breakout could push Ethereum price up 280%, putting it up 140% from the second breakout. Moreover, if the price of Ethereum rises to the expected 280% rally, the price could potentially reach $10,000.
Update on Ethereum price action
despite an optimistic outlook The cryptocurrency suggests that Ethereum is preparing to hit new all-time highs. significant downward pressureIt is experiencing great decline and slow growth. To my horror Ethereum investorAccording to CoinMarketCap, the cryptocurrency is down 2.20% in the last 24 hours after falling 4.1% over the past week.
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Currently in progress Ethereum falls It also generated significant backlash from many members of the cryptocurrency community along with analysts. ranking This has been one of the worst-performing assets in previous market cycles. Other Crypto members emphasize How disappointing has the recent price performance of cryptocurrencies been?
At the time of writing, Ethereum is trading at $2,517. predict Cryptocurrency could fall lower and possibly trigger Failure to maintain the 0.038 BTC/ETH level would cause other altcoins in the market to fall.
Featured image created with Dall.E, chart from Tradingview.com
