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Ethereum (ETH), the second largest cryptocurrency by market capitalization, saw another drop in its price. After a previous attempt at bullish momentum last week, Ethereum fell 2.4% over the past 24 hours, trading at $3,577 at the time of writing.
This drop puts Ethereum down 26.8% from its all-time high of $4,878, recorded in November 2021. Despite this, the network’s daily trading volume remains quite strong, recording $42.4 billion, or a significant increase from the end of last month, when volumes fell below $35 billion.
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Chart Patterns Indicate Potential Rally
Although Ethereum’s current price trajectory may seem daunting, analysts in the cryptocurrency community have expressed optimism about its long-term potential.
Several technical indicators and chart patterns have emerged, leading some analysts to predict a significant rally for the asset in the coming months.
A notable voice among bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. In a recent article on X, the analyst pointed out a “cup and handle” formation on Ethereum’s monthly price chart.
According to CryptoBullet, this trend suggests that Ethereum could reach new highs, potentially hitting $6,675. The analyst commented: “Have you seen the monthly $ETH chart? Bullish AF. This month we will crush the resistance. Cup and Handle Target – $6675.
Adding to the optimism, Venture Founder, another prominent analyst, projected an even more ambitious goal for Ethereum.
In a detailed analysis, the company founder noted that Ethereum has been in a “triangular consolidation phase” over the past three years, a pattern reminiscent of its behavior from 2016 to 2017.
The analyst predicted that Ethereum could break out of this consolidation and enter a new price paradigm, estimating a target of $15,937 by May 2025. The Venture founder said: “Base scenario: Ethereum is likely to repeat that impulsive breakthrough he made between 2016 and 2017 to shoot. at the new ATH.
3 years of consolidation of the triangle for #Ethereum And $ETH could enter a new paradigm that it has consolidated over the last 7 years.
Base Case: Ethereum is likely to repeat that impulsive breakthrough it made between 2016 and 2017 to reach a new ATH.
Price target: $15,937 by May 2025 pic.twitter.com/3iYZTjG6Lv
– venture founder (@venturefounder) December 2, 2024
Symmetrical triangular pattern sparks interest
Clifton Fx, another respected analyst, offered similar perspectives, focusing on Ethereum’s symmetrical triangle formation seen during the weekly time frame.
According to Clifton Fx, an upward breakout of this formation could propel Ethereum price up to $13,000.
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This aligns with the broader sentiment shared by analysts, who believe that Ethereum’s technical indicators are paving the way for a significant price rise.
$ETH (Update)
Formation of a symmetrical triangle within a weekly time frame….
In case of an upward breakout, the next stop will be 13k📈#ETH #Ethereum #Crypto pic.twitter.com/DTNlCiNnZx
– Clifton Fx (@clifton_ideas) November 29, 2024
Featured image created with DALL-E, chart from TradingView
