Crypto analyst BallaJi gave details on how the Ethereum price could be breached and even suggested the possibility of ETH reaching $18,000. Ethereum currently has a bullish outlook, having recently dropped above $4,000 for the first time since March of this year.
How can Ethereum price reach $18,000
In a TradingView post, BallaJi predicted that the price of Ethereum could reach $18,000. The crypto analyst explained that based on the logarithmic forecast, the limited movement of this HVF could send Ethereum to the target. He offered a caveat, saying a price rally to the target may not happen by 2025.
However, he is sure that if this bullish pattern is completed, then the price of Ethereum can reach this price of $ 18,000 later in this decade. A rally to this price target would give Ethereum a market cap of about $2 trillion based on its circulating supply of 120.44 million ETH.
Meanwhile, BallaJi highlighted the logarithmic target on the chart, with $18,000 as the third and final target. The first and second targets are at $3,818 and $6,236 respectively. In the review of the trade setup, the crypto analyst noted that the price of Ethereum reached, broke, and returned the initial goal at $ 3,818.
With the trade now active, BallaJi provided details on how the price of Ethereum could continue this upward trend using limited moves. The accompanying chart he shared showed that the next target line is $5,193; a rally to that target would mark a new all-time high (ATH) for ETH, with its current ATH at $4,800.
Meanwhile, the next target line is $7,299. BallaJi’s chart showed that Ethereum price should reach these price targets next year. A rally to the 7,299 target could pave the way for ETH to reach $18,000, although analysts have warned that it may not happen in 2025.
The Countdown To New ATH Has Started
In an X post, crypto analyst Justin Bennett said that the countdown to a new ATH for the price of Ethereum has begun. According to the analyst, ETH can quickly rally above $5,000 as it breaks several levels this week. The chart accompanying the analyst showed that a quick rally above $5,000 could lead Ethereum to hit $6,300.
Crypto analyst Titan of Crypto also predicted that the Ethereum price rally to $5,000 is imminent. He said that the structure of the ETH market reflects BTCs from the past few weeks. He noted that the goal of $5,000 was just too small as he believed that Ethereum would probably go higher.
At the time of writing, the price of Ethereum is trading around $3,980, up nearly 3% in the last 24 hours, according to data from CoinMarketCap.