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THE Ethereum Price signals a potential breakout based on recent price movements. According to Trader Tardigrade, crypto analyst at X (formerly Twitter), Ethereum could see its value reach new all-time highs of around $10,000 if it manages to break out from its current level. formation of a symmetrical triangle.
ETH Triangle Breakout Targets $10,000
Trader Tardigrade has predicted The next Ethereum $10,000 price target based on an ascending trendline and a symmetrical triangle pattern. To be more specific, the analyst confirmed that Ethereum price has followed a distinctive ascending trendline and is now forming a key symmetrical triangle pattern, which often indicates a imminent price breakout.
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In light of these developments, Trader Tardigrade revealed that, historically, Ethereum has seen explosive rebounds to new highs after come out with symmetrical triangular patterns. Sharing an Ethereum price chart confirming this observation, Trader Tardigrade revealed that from June 2022 to present, Ethereum price has separated from several symmetrical triangle patterns while playing on a trendline ascending.
Before April 2023, the price of the cryptocurrency broke out of a symmetrical triangle, which resulted in a massive price increase of 70.73% to reach new highs. Similarly, between approximately October 2023 and early 2024, the cryptocurrency experienced its second breakout, triggering a massive 140.4% price rise.
Based on these historical uptrendsTrader Tardigrade noted that Ethereum is nearing its third breakout from its current symmetrical triangle pattern. During the last breakout, the cryptocurrency had doubled its gains, going from 70% to 140% compared to the first breakout.
With this in mind, the analyst predicted that this next breakout could result in a 280% price increase for Ethereum, doubling its 140% jump from the second breakout. Additionally, if the price of Ethereum rises in line with this predicted 280% rise, then its price could potentially reach $10,000.
Ethereum Price Action Update
Despite bullish projections suggesting that Ethereum could be preparing to reach new all-time highs, the cryptocurrency is falling significant downward pressureexperiencing significant declines and slow growth. To the great dismay of Ethereum InvestorsThe cryptocurrency fell another 2.20% over the past 24 hours, after experiencing a 4.1% decline over the past week, according to CoinMarketCap.
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The current Ethereum decline has also garnered significant negative reactions from many in the crypto community, analysts ranking it is one of the most underperforming assets of the previous market cycle. While other crypto members emphasize how disappointing the cryptocurrency’s price performance has been lately.
At the time of writing, Ethereum price is trading at $2,517, with many predict that the cryptocurrency could fall even lower and possibly trigger a slowdown for other altcoins in the market if it fails to maintain the 0.038 BTC/ETH level.
Featured image created with Dall.E, chart from Tradingview.com
