Considering the ongoing cycle is still in the bullish phase, there is confidence in Ethereum about the future a significant rally to unprecedented levels it has come from within the community. ETH may have experienced significant volatility in the past few weeks, but crypto analysts argue that the altcoin’s next big rally may be just around the corner.
Historical Returns to Current Near Highs
Crypto Titan, tech expert and trader, delved in Ethereum price performance in a continuous cycle, suggesting a move to historical levels. In the analysis, the Crypto Titan says that ETH may be on the verge of retrieving its current high of $4,800.
The expert’s opinion is based on past trends, especially the market cycle of 2021 where ETH achieved the highest value of the current price. His prediction points to a similar trend where consolidation periods precede significant price increases in 2021.
Growing negative feelings about Trading currency of ETH performance among investors is the main reason for Titan’s bullish analysis of Crypto. While many complain about ETH’s underperformance in the ongoing cycle, the analyst emphasized that the altcoin is ahead of the 2021 market cycle.
As of December 2020, the expert noted that Ethereum it was still less than 90% below the previous high. Meanwhile, the altcoin is just 44% below its current high this month, which means the bull cycle may be better than the last one.
In the previous cycle, ETH did not regain its peak value until January 2021. Since this cycle works in the same way as the previous ones, Titan of Crypto’s analysis suggests that the crypto asset may soon return to the top, possibly in January 2025.
With increase investor confidencethe high acceptance of established applications, and the constant development of the network, Ethereum can draw the necessary momentum to rise to a new peak. However, monitoring key resistance levels in general market conditions will be important to determine ETH’s next move in the coming weeks.
ETH Price Tips On Way To $7,300 Sweet Spot
Despite the current volatility in the market, ETH continues to show the potential to move to an unspecified location. The recent price action shows that Ethereum has made a significant chart formation, which is creating optimism among investors about the upward trend.
According to for market expert Crypto Patel, the Inverse Head and Shoulders pattern has emerged over a 5-day period. This significant formation, which is often associated with significant price increases, indicates that the altcoin is ready to rally as it sees a breakout to the upside.
If ETH breaks out of a bullish pattern, the expert is confident that the digital asset could reach the $7,300 level. After that, Crypto Patel expects something else altcoins to follow that soon, urging investors and traders to be patient.
Featured image from Unsplash, chart from Tradingview.com
Source link