Amid waning market momentum, Ethereum, the second-largest digital asset, is displaying a notable downswing, falling to multiple support levels. However, with recent developments cited on its chart, the altcoin might witness a major rally that could send ETH to a new all-time high in the upcoming months.
Key Breakout To Drive Ethereum’s Next Big Move
Delving into Ethereum’s current price action, Captain Faibik, a market expert and enthusiast, pointed out that ETH has undergone a critical chart pattern breakout, triggering hope among investors toward its future price performance to unprecedented levels.
This key chart pattern is a massive Triangle formation, which has been developing for more than 2 years. Specifically, this breakthrough from the massive Triangle pattern indicates a substantial change in market momentum and raises the possibility that Ethereum is preparing for a powerful rally.
Considering the magnitude of the breakout, Captain Faibik claims that the 2024-2025 ETH bull run has officially begun, expressing his confidence in the development to push the asset toward new all-time highs. As a result, the market expert believes that the mid-target for the altcoin is set at the $10,000 price level.
According to Captain Faibik, ETH’s path to the $10,000 milestone is programmed, citing key technical indicators that reflect bullish sentiment as the digital asset breaks past significant resistance levels and lays the groundwork for more price spikes.
Although there is some market volatility for Ethereum, Captain Faibik’s claims might imply that the fundamentals are in place to drive ETH toward this critical price point. Thus, he has urged investors not to be shaken by the current market trend and hold on firmly to their ETH holdings because a major rally is on the horizon.
ETH’s Price Is Lagging Behind Bitcoin
Over the past few days, Ethereum has been witnessing a negative movement, triggering uncertainty among investors and traders. However, as Crypto Jelle, a technical analyst and trader, stated, compared to the largest cryptocurrency asset, Bitcoin, there is nothing to be worried about.
According to Jelle, ETH is currently trailing behind Bitcoin, which is “perfectly normal.” Drawing attention to the last cycle, the analyst highlighted that only after Bitcoin had surged by 100% past its previous cycle high did ETH enter into a price discovery, and after that, Ethereum was unstoppable. With Bitcoin outperforming ETH, Jelle is confident that a similar development could unfold in the ongoing cycle.
At the time of writing, ETH was trading at $3,656, indicating an over 2% decline in the past day. This recent price decline has impacted investors’ sentiment as its market cap and trading volume have decreased by more than 2% and 21% respectively in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com
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