Ethereum is on the brink of a potential breakout, according to recent price movements. Trader Tardigrade, a prominent crypto analyst on X (formerly Twitter), has suggested that Ethereum could skyrocket to new all-time highs of around $10,000 if it successfully breaks out of its current symmetrical triangle formation.
Trader Tardigrade’s analysis is based on an ascending trendline and a symmetrical triangle pattern. These patterns historically signal an imminent price breakout for Ethereum. To emphasize this point, the analyst highlighted that Ethereum’s price has been following a distinctive ascending trendline and recently formed a key symmetrical triangle pattern.
Historically, Ethereum has experienced explosive rallies to new highs after breaking out of such symmetrical triangle patterns. Trader Tardigrade shared an Ethereum price chart to support this observation. From June 2022 to the present, the price has broken out of multiple symmetrical triangle patterns while tracking the ascending trendline.
Before April 2023, Ethereum’s price saw a massive 70.73% increase after breaking out of a symmetrical triangle. Similarly, from October 2023 to early 2024, another breakout led to a staggering 140.4% price rally.
Given these historical trends, Trader Tardigrade believes Ethereum is nearing its third breakout from the current symmetrical triangle pattern. Following the trends, this next breakout could result in a 280% price increase for Ethereum, doubling the 140% gain from the second breakout. If this projection holds true, Ethereum’s price could reach the $10,000 mark.
Despite these bullish projections, Ethereum has been facing downward pressure, marked by significant declines and slow growth. According to CoinMarketCap, Ethereum has decreased by 2.20% in the last 24 hours, with a 4.1% drop over the past week.
This ongoing decline has sparked criticism within the crypto community. Many analysts have ranked Ethereum as one of the most underperforming assets from the previous market cycle. Others have expressed disappointment in Ethereum’s recent price performance.
Currently, Ethereum is trading at $2,517. There are concerns that the cryptocurrency may drop further, potentially causing a downturn for other altcoins if it fails to maintain the 0.038 BTC/ETH level.