Ethereum Price Dips, But Analysts Predict Explosive Surge to $15,000—Here’s Why
The price of Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has fallen again. Following previous attempts bullish momentum Last week, Ethereum fell 2.4% in the past 24 hours, trading at $3,577 at the time of writing.
This drop brings Ethereum down 26.8% from its all-time high of $4,878 set in November 2021. Despite this, the network’s daily transaction volume still pretty strongreaching $42.4 billion – a significant increase from late last month, when volumes fell below $35 billion.
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Chart patterns indicate potential rally
While Ethereum’s current price action may be discouraging, analysts in the cryptocurrency community believe express optimism about its long-term potential.
Several technical indicators and chart patterns have emerged, leading some analysts to predict significant gains for the asset in the coming months.
One noteworthy voice among bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. in the most recent postal On X, analysts highlighted a “cup-and-handle” pattern on Ethereum’s monthly price chart.
According to CryptoBullet, this pattern suggests that Ethereum could surge to new highs, potentially reaching $6,675. The analyst commented: “Did you guys see the ETH monthly chart? Bullish AF. This month, we will crush resistance. Cup handle target – $6675.”
Another prominent analyst, Venture Founder, predicted an even more optimistic outcome. ambitious goals For Ethereum.
In a detailed analysis, the venture capital 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.
Analysts predict that Ethereum may break out of this consolidation and enter a new price paradigm, with a price target expected to reach $15,937 by May 2025. The Venture founder said, “Base case: Ethereum will likely repeat its impulsive breakout from 2016 to 2017 to achieve a breakout” to a new ATH. “
3 years of triangle integration #Ethereum and $ETH It is possible to move into a new paradigm that has been solidified over the past seven years.
Base case: Ethereum may repeat the impulsive breakout from 2016-2017 to reach a new ATH.
Price target: $15,937 by May 2025 pic.twitter.com/3iYZTjG6Lv
— Venture Founder (@ventureFounder) December 2, 2024
Symmetrical triangle pattern sparks interest
Another respected analyst, Clifton Fx, made a similar point, focusing on the symmetrical triangle structure observed for Ethereum on the weekly time frame.
According to Clifton Fx, an upside breakout of this pattern could push the price of Ethereum to $13,000.
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This is in line with the consensus among analysts, who believe that Ethereum’s technical indicators are setting the stage for a significant price increase.
$ETH (renew)
Symmetrical triangle formation on weekly time frame…
If it breaks upward, the next stop will be 13k📈#ETH #Ethereum #cryptocurrency pic.twitter.com/DTNlCiNnZx
— CliftonFx (@clifton_ideas) November 29, 2024
Featured image created using DALL-E, chart from TradingView
