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Ethereum (ETH), the second largest cryptocurrency by market capitalization, has experienced another price drop. After an earlier attempt at bullish momentum last week, Ethereum is down 2.4% over the past 24 hours, trading at $3,577 at the time of writing.
This drop puts Ethereum down 26.8% from its all-time high of $4,878 recorded in November 2021. Despite this, the network’s daily trading volume remains quite strong, reaching $42.4 billion – a significant increase compared to the end of last month, when volumes fell below the limit. $35 billion.
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Chart patterns indicate a potential rally
While Ethereum’s current price trajectory seems daunting, analysts within the cryptocurrency community have expressed optimism about 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.
A notable voice among the bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. In a recent one after at X, the analyst highlighted a cup and handle formation on Ethereum’s monthly price chart.
According to CryptoBullet, this pattern suggests that Ethereum could soar to new highs and possibly reach $6,675. The analyst commented: “Have you guys seen the $ETH monthly chart? Bullish AF. This month we are going to break through the resistance. Cup and Handle Target – $6675.”
Adding to the optimism, Venture Founder, another prominent analyst, projected an even more ambitious goal for Ethereum.
In a detailed analysis, the company 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 in May 2025. The founder of Venture stated: “Base case: Ethereum will likely repeat this impulsive breakout it did between 2016 and 2017 to shoot to new ATH.”
3 years of triangular consolidation for #Ethereum And $ETH could enter a new paradigm that it has consolidated over the past seven years.
Base case: Ethereum will likely repeat this impulsive breakout it did between 2016 and 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 arouses interest
Clifton Fx, another respected analyst, offered a similar view, focusing on Ethereum’s symmetrical triangle formation observed in the weekly time frame.
According to Clifton Fx, an upside breakout from this formation could push Ethereum’s price as high as $13,000.
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This is in line with the broader sentiment shared by analysts, who believe that Ethereum’s technical indicators are paving the way for a significant price increase.
$ETH (Updated)
Symmetrical triangulation in weekly time frame….
In case of an Upside breakout the next stop is 13k📈#ETH #Ethereum #Crypto pic.twitter.com/DTNLCiNnZx
— Clifton Fx (@clifton_ideas) November 29, 2024
Featured image created with DALL-E, Chart from TradingView