TL:DR,
- ETH price analysis reveals 2021 fractal patterns returning, suggesting a potential 52% rally to $3,375 despite recent 9% monthly decline.
- Ethereum follows five-point fractal structure with analysts targeting $3,375 breakout, potentially reaching long-term goals of $4,723 or $8,100.
- Technical analysis shows ETH forming familiar patterns from 2021 bull run, with experts anticipating major breakout above $3,300 resistance.
ETH price analysis is through the roof, with the market remaining ever so volatile. Analysts and traders still cling to the famed $3,330 mark; however, reality isn’t as optimistic.
Analysts are keeping an eye out for signs after a technical analysis revealed an upcoming ETH bullish breakout. One potential clue can be seen on Ethereum price charts, where familiar fractal patterns from 2021 have reappeared and may signal an imminent price rally that pushes significantly higher over the coming weeks.
Unfortunately, analysts have experienced dissatisfactory returns since Q3 2024 began, with ETH price analysis yielding a decline of nearly 9 per cent last month alone – one of its worst quarters ever, making Q3 2024 one of its lowest return periods since inception.
Yet analysts and traders remain hopeful for Ethereum due to the solid technical signals that appear on charts as its performance improves.
ETH Price Analysis Shows Signs of Potential Rally as 2021 Fractal Patterns Revive Again in 2024
The fire fanning this story is a familiar fractal pattern witnessed back in 2021, now back. Market fractal patterns are the cheat sheet for traders identifying key trend reversals. In this case, a five-point structure leading to an ETH bullish breakout resurfaced.
In 2021, Ethereum’s price saw a drastic correction between points I and II before rising back into the “golden zone” of Fibonacci retracements between 0.5-0.618. Next came an uptick at point IV with lower lows at IV and lower highs at V; eventually, point VI marked an exit fractal for bullish momentum for Ethereum.
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2024 is also following this five-point structure, with Ethereum nearing its final stages of fractal growth, where prices may soon move towards $2150 (point IV) before an expected bullish breakout toward $3.375 would signal an overall 52% price increase in ETH price.
Rise and Fall of ETH Price: Experts Consider How High Can Ethereum Go
Since July, Ethereum has struggled to maintain upward momentum. The once-hailed Bitcoin Killer sees its price take a drastic 33% decline and spark investor concerns about near-term potential. Yet investors shouldn’t write off an immediate recovery, as past price patterns of Ethereum often feature significant corrections before major recoveries take hold.
As Ethereum continues its 2024 fractal setup, analysts anticipate a bullish exit for this cryptocurrency. Point VI, representing liquidity sweep, is projected to form around $2,150. Once reached, analysts project that its price may shoot toward $3,375, representing an increased surge from current levels and creating another possible parabolic rally similar to 2021’s experience.
Breaking out from $3,375 could signal further gains for Ethereum. Analysts project its long-term target at $4,723.5 based on technical factors and other fractal patterns.
Some experts speculate that breaking above this level may propel it even higher, reaching $8100, marking nearly twofold growth from current levels.
Prominent Market Analysts Are Bullish On Ethereum Price
Veteran analysts are sticking to their predictions, wondering how high Ethereum can go. Javon Marks, a well-known figure, notes that ETH has skyrocketed by atleast 165% since 2023. Javon believes something similar is going to happen with recent readings.
CoinsKid analyst notes that Ethereum has been trending upward in 2019, creating an ascending wedge pattern which may reach completion soon; to maintain this cycle and to achieve maximum projected gains as predicted, its price would need to move past current targets of $8,000.
This time, all eyes are on the ETH price analysis, with many anticipating the new readings to break the $3,300 barrier, potentially reaching $8,000. This is, however, stretched over a period of time, given ETH’s tendency to remain a fairly stable coin when compared to other altcoins.
What Current ETH Price Analysis Tells Us
2024 has been a challenging year for every altcoin, Ethereum included. Its bullish fractal patterns have ignited a newfound hope for investors to double or even triple their earnings. While this is purely an analysis and not financial advice, whether or not it can happen is still anyone’s guess.
If Ethereum follows this path closely enough, its price could soon reach $3,375, with even greater targets on its horizon if this fractal is completed successfully amidst market fluctuations and volatility.
Analysts will closely follow charts over time as analysts monitor them; subsequent weeks could prove decisive regarding their direction and long-term influence within the cryptocurrency market.
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