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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Return To $4,800: Analyst Identifies Pattern To Trigger Rally To ATH

Best Owie
Best Owie
1 year ago
3 mins read
Ethereum

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The Ethereum price has been trading more than 50% below its all-time high of $4,800 for the better part of a year now with no sign of returning to its previous all-time high. However, this slow trend may not continue for much longer as a crypto analyst has identified a pattern that could trigger a rally to its previous highs.

Ethereum Stuck Inside A Bullish Triangle

In an analysis that was posted on TradingView, crypto analyst FieryTrading identified a unique pattern that the Ethereum price has been trading in for almost two years. This pattern is a bullish triangle pattern and it has persisted for more than one and a half years.

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Looking at the chart, the Ethereum price has not deviated from this bullish triangle and has not had any success breaking out of it. The triangle began toward mid-2022 when the Terra Network collapse triggered a crypto market-wide crash. Then even with multiple major recoveries since then, the altcoin’s price remains inside this triangle.

Ethereum price chart from Tradingview.com

Source: Tradingview.com

The lower end of this bullish triangle is at $887 which is the cycle low, and the upper end has been tracked at just above $2,100. Given this range, it suggests that for Ethereum to break out of this bullish triangle, it would have to clear the $2,200 resistance.

What Happens If ETH Breaks Out Of This Pattern?

As the crypto analyst highlights, a breakout of this pattern would lead to a massive rally. The top of this breakout rally could eventually see the Ethereum price return to its 2021 all-time high levels, reaching above $4,800.

Ethereum price chart from Tradingview.com (crypto analyst)

ETH price at $2,047 | Source: ETHUSD on Tradingview.com

“In my eyes, a break out from this pattern might result in big gains for ETH, since it will burst through an area full of short-trade stop-losses which will be forced to buy back their positions,” FieryTrading said. A move to $4,800 would translate to a 130% increase from its current price levels.

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However, the crypto analyst explains that this could be more of a long-term performance, so it is possible that the cryptocurrency will not complete this move until at least the year 2024. But it paints a good, bullish picture for the altcoin going forward.

On its own this year, the Ethereum price has performed quite well, especially over the last 30 days. Data from CoinMarketCap shows that ETH’s price has risen 16.53% in one month to break above the $2,000 resistance which has now turned into support.

Ethereum remains the second-largest cryptocurrency with a market cap of approximately $250 billion.

Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Blockchain News, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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