Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced another downturn in its price. Following an earlier attempt at bullish momentum last week, Ethereum has dropped by 2.4% in the past 24 hours, trading at $3,577 at the time of writing.
This decline puts Ethereum at a 26.8% decrease from its all-time high of $4,878, recorded in November 2021. Despite this, the network’s daily trading volume remains quite strong, registering $42.4 billion—a significant increase from late last month when volumes dipped below $35 billion.
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Chart Patterns Indicate Potential Rally
While Ethereum’s current price trajectory may appear discouraging, analysts within the cryptocurrency community have expressed optimism regarding its long-term potential.
Several technical indicators and chart patterns have emerged, leading some analysts to predict a significant rally for the asset in the coming months.
One notable voice among the bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. In a recent post on X, the analyst highlighted a “cup and handle” formation on Ethereum’s monthly price chart.
According to CryptoBullet, this pattern suggests that Ethereum could surge to new highs, potentially reaching $6,675. The analyst commented, “Did you guys see the $ETH monthly chart? Bullish AF. This month, we’re going to SMASH through the resistance. Cup&Handle Target – $6675.”
Adding to the optimism, Venture Founder, another prominent analyst, projected an even more ambitious target for Ethereum.
In a detailed analysis, the venture founder noted that Ethereum has been in a “triangular consolidation phase” for the past three years, a pattern reminiscent of its behavior from 2016 to 2017.
The analyst predicted that Ethereum could break out of this consolidation and enter a new price paradigm, estimating a target of $15,937 by May 2025. Venture Founder stated, “Base Case: Ethereum likely to repeat this impulsive breakout it did between 2016-2017 to shoot to new ATH.”
3 years of triangle consolidation for #Ethereum and $ETH could enter a new paradigm which it consolidated for the past 7 years.
Base Case: Ethereum likely to repeat this impulsive breakout it did after between 2016-2017 to shoot to new ATH.
Price Target: $15,937 by May 2025 pic.twitter.com/3iYZTjG6Lv
— venturefounder (@venturefounder) December 2, 2024
Symmetrical Triangle Pattern Sparks Interest
Clifton Fx, another respected analyst, offered a similar outlook, focusing on Ethereum’s symmetrical triangle formation observed in the weekly timeframe.
According to Clifton Fx, an upside breakout from this formation could propel Ethereum’s price to as high as $13,000.
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This aligns with the broader sentiment shared by analysts, who believe that Ethereum’s technical indicators are setting the stage for a significant price rally.
$ETH (Update)
Symmetrical triangle formation in weekly timeframe….
In case of Upside breakout the next stop will be 13k📈#ETH #Ethereum #Crypto pic.twitter.com/DTNlCiNnZx
— Clifton Fx (@clifton_ideas) November 29, 2024
Featured image created with DALL-E, Chart from TradingView