Crypto analyst BallaJi provided insight into how the Ethereum price breakout could happen and even raised the possibility of ETH hitting $18,000. Ethereum is currently showing a bullish outlook, having recently surpassed $4,000 for the first time since March of this year.
How Ethereum Price Could Reach $18,000
In a TradingView article, BallaJi predicted that the price of Ethereum could reach $18,000. The crypto analyst explained that, based on logarithmic projections, the measured movement of this HVF could send Ethereum towards the target. He cautioned, saying a price recovery toward the target may not happen in 2025.
However, he is confident that if this uptrend comes true, then the Ethereum price could reach that $18,000 price target later this decade. A rally towards this price target would give Ethereum a market cap of around $2 trillion based on its circulating supply of 120.44 million ETH.
Meanwhile, BallaJi highlighted three log targets on the chart, with $18,000 being the third and final target. The first and second targets are $3,818 and $6,236, respectively. In an update on the trade setup, the crypto analyst noted that Ethereum price reached, exceeded and retested the first target at $3,818.
With the trade now active, BallaJi provided insight into how Ethereum price could continue this upward trend using measured linear movements. The attached chart he shared shows that the next linear target is $5,193; a rally towards this target would mark a new all-time high (ATH) for ETH, with its current ATH at $4,800.
Meanwhile, the next linear target is $7,299. BallaJi’s chart shows that Ethereum price is expected to reach these price targets by next year. A rally towards the $7,299 target could then pave the way for ETH to reach $18,000, although the analyst has previously warned that this may not happen in 2025.
The countdown to the new ATH has begun
In an article X, crypto analyst Justin Bennett said that the countdown to a new ATH for Ethereum price has begun. According to the analyst, ETH could quickly surpass $5,000 by breaking multiple levels this week. The analyst’s attached chart shows that a quick rally above $5,000 could lead Ethereum to reach $6,300.
Crypto analyst Titan of Crypto also predicted that an Ethereum price rally to $5,000 was imminent. He said the ETH market structure mirrors that of BTC from a few weeks ago. He noted that the $5,000 target is just the minimum, as he believes Ethereum will likely rise.
At the time of writing, the Ethereum price is trading at around $3,980, up almost 3% in the last 24 hours, according to data from CoinMarketCap.
