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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.
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.
Cup and Handle formation on Ethereum chart. | Source: CryptoBullet
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.
Symmetrical triangle pattern formation on Ethereum chart. | Source: Clifton Fx on X
According to Clifton Fx, an upside breakout from this formation could propel Ethereum’s price to as high as $13,000.
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
