As momentum builds in the general markets, major crypto assets such as Ethereum have shifted to the upside. As a result, hope for ETH witnessing a rally in a short period of time has increased significantly among crypto enthusiasts, including the most anticipated movement in the cyclical trends of the past.
Major Ethereum Rally Expected in January
As the new year begins, market expert and trader Ether Naysonal has analyzed the recent price action of Ethereum, to highlight bullish opinion. After analyzing the movement of ETH on a monthly basis, the expert emphasized that the altcoin may prepare for a significant price increase in January.
Ether Naysonal made a bold prediction, citing historical price trends that point to a month of ETH. The expert reveals that Ethereum it previously showed positive momentum during the month during similar market cycles, with a track of continuous growth combined with notable rallies.
Although ETH is approaching critical levels, Naysonal believes that this high strength may indicate a parabolic run coming into January. Drawing attention to past trends, Ethereum began its dramatic decline in January 2021 after a successful retest in December 2020.
It is worth noting that this development caused a large rally of ETH, reaching a new all-time high and the top market in the 2021 cycle. With the monthly chart showing the same pattern, Naysonal suggests a similar price rally to start the month, possibly reaching the $9,500 level.
If the previous trends repeat, the $9,500 milestone could be the top of this market cycle. Currently, market watchers are monitoring several trends and indicators to gauge ETH’s next trajectory as the bull cycle extends.
ETH’s Path To $6,000 Is Unchanged
Analyzing the performance of ETH, Ali Martinez, a technical and on-chain analyst, went predicted rising to a new all-time high at the $6,000 level. His prediction comes as the altcoin is facing massive volatility, slowing a much-anticipated rally.
Ethereum’s path to the historic $6,000 is strengthened by the formation of the Ascending Parallel Channel, a key pattern that shows rising momentum. An ascending parallel channel bullish price action contained between two parallel upward sloping lines characterized by a high high and a high low.
It is important to note that Ethereum has been trending within the same upward channel since 2022, with each iteration from the lower boundary leading to a significant increase. According to Ali Martinez, ETH it continues to hold firmly within the critical chart pattern despite the volatility. As a result, he foresees a move towards the $6,000 mark in the near term.
At the time of writing, ETH was trading at $3,668, slowly approaching $3,700 with an increase of 1% in the last 24 hours. Investor sentiment down as shown by just 0.15% in its trading volume in the previous day.
Featured image from Unsplash, chart from Tradingview.com