crypto analyst BallaJi has provided insight into how ethereum's price breakout could occur and even raised the possibility of eth reaching $18,000. ethereum currently boasts a bullish outlook, having recently surpassed $4,000 for the first time since March of this year.
How ethereum Price Could Hit $18,000
in a <a target="_blank" href="https://www.tradingview.com/chart/ETHUSD/AUmy4zn0-ethereum-projects-to-18-000/”>CommerceSee publicationBallaJi predicted that the price of ethereum could reach $18,000. The cryptanalyst explained that based on logarithmic projections, the measured movement of this HVF could send ethereum on target. He issued a warning, stating that the price rally to the target may not occur in 2025.
<img class="size-medium wp-image-659022" src="https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-1-1.png?w=460&resize=460%2C166″ alt=”ethereum 1 Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-1-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-1-1.png?w=460 460w” />
However, he is confident that if this bullish pattern is completed, ethereum price could reach this price target of $18,000 later this decade. A rally to this price target would give ethereum a market cap of around $2 trillion based on its circulating supply of 120.44 million eth.
Meanwhile, BallaJi highlighted three log targets on the chart, with $18,000 being the third and final target. The first and second targets are at $3,818 and $6,236 respectively. In an update on the trading setup, the crypto analyst noted that ethereum price reached, surpassed and retested the first target at $3,818.
<img class="size-medium wp-image-659023" src="https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-2-1.png?w=460&resize=460%2C189″ alt=”eth 2 Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-2-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-2-1.png?w=460 460w” />
With the trade now active, BallaJi provided insight into how ethereum price could continue this uptrend using measured linear movements. The accompanying chart he shared showed that the next linear target is at $5,193; A rally towards that target would mark a new all-time high (ATH) for eth, with its current ATH at $4,800.
Meanwhile, the next linear target is at $7,299. BallaJi's chart showed that ethereum price should hit these price targets next year. A rally to the $7,299 target could then pave the way for eth to reach $18,000, although the analyst has already warned that this might not happen in 2025.
The countdown to the new ATH has begun
In an x post, crypto analyst Justin Bennett stated that the countdown to a new ATH for ethereum price has begun. According to the analyst, eth could quickly rise above $5,000 as it breaks several levels this week. The analyst's accompanying chart showed that the rapid rally above $5,000 could lead ethereum to reach $6,300.
<img class="size-medium wp-image-659024" src="https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-3-1.png?w=460&resize=460%2C261″ alt=”ethereum 3 Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-3-1.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-3-1.png?w=460 460w” />
Cryptographic analyst <a target="_blank" href="https://bitcoinist.com/bitcoin-september-scenarios/”>Cryptocurrency titan He also predicted that an ethereum price rally to $5,000 is imminent. He stated that eth's market structure reflects that of btc from a few weeks ago. He commented that the $5,000 target is just the minimum, as he believes ethereum will likely go higher.
<img class="size-medium wp-image-659025" src="https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-4.png?w=460&resize=460%2C248″ alt=”eth 4 Price” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-4.png?w=512 512w, https://www.newsbtc.com/wp-content/uploads/2024/12/ethereum-price-4.png?w=460 460w” />
At the time of writing, ethereum price is trading at around $3,980, up almost 3% in the last 24 hours, according to <a target="_blank" href="https://coinmarketcap.com/currencies/ethereum/”>data from CoinMarketCap.
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