Ethereum

Rally

Terra

The <a href="https://www.newsbtc.com/news/ethereum/ethereum-whales-go-on-9-day-accumulation-spree-eth-price-rally-incoming/">Ethereum price</a> 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. 
<h2 class="p2" id="ethereum-stuck-inside-a-bullish-triangle">Ethereum Stuck Inside A Bullish Triangle</h2> 
In an analysis that was posted on TradingView, crypto analyst FieryTrading identified a unique pattern that the <a href="https://www.newsbtc.com/news/ethereum/ethereum-outperforms-bitcoin-altcoin-season-on/">Ethereum price</a> has been trading in for almost two years. This pattern is a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-btc-blasts-through-11000-following-bullish-triangle-breakout/">bullish triangle pattern</a> and it has persisted for more than one and a half years. 
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, <a href="https://www.newsbtc.com/news/ethereum/analyst-ethereum-systemic-buying/">the altcoin’s price</a> remains inside this triangle. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/i/6KxSmfzi/" alt="Ethereum price chart from Tradingview.com" width="1547" height="920"> 
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. 
<h2 class="p2" id="what-happens-if-eth-breaks-out-of-this-pattern">What Happens If ETH Breaks Out Of This Pattern?</h2> 
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. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/XnFHlGrl/" alt="Ethereum price chart from Tradingview.com (crypto analyst)" width="2650" height="1530"> 
“In my eyes, a break out from this pattern might result in big gains for <a href="https://www.newsbtc.com/news/ethereum/analyst-ethereum-systemic-buying/">ETH</a>, 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. 
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 <a href="https://www.newsbtc.com/news/ethereum/ethereum-conquers-2100-on-chain-data-2400/">the altcoin</a> 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 <a href="https://www.newsbtc.com/news/ethereum/ethereum-36800-token-terminal/">ETH’s price</a> 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.

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

Table of Contents

NewsBTC

Other articles published on Nov 27, 2023

Asked to get a banana, a BAYC owner narrowly avoids a fake Forbes scam

Crypto Analyst’s Weekly Watchlist: LINK, ATOM, DYDX, FXS, and More!

Is Litecoin’s Descent Linked to Bitcoin? Exploring Both Tokens’ Relationship and Market Dynamics

XRPL Adoption By Banks Is Inevitable: Ripple Partner

OKX Launches New Crypto Exchange and Web3 Wallet in Brazil

Innovative Approach Uses Crowdsourced Feedback to Accelerate Robot Learning

Join our free newsletter for daily crypto updates!