This article is also available in Spanish.
ethereum (eth), the second-largest cryptocurrency by market capitalization, has seen another drop in price. Following a previous attempt at bullish momentum last week, ethereum has fallen 2.4% in the last 24 hours, trading at $3,577 at the time of writing.
This decline puts ethereum on a 26.8% decline from its all-time high of $4,878, recorded in November 2021. Despite this, the network's daily trading volume is still quite strong, clocking in at $42.4 billion. , a significant increase from the end of last month, when volumes fell below. 35 billion dollars.
Related reading
Chart Patterns Indicate Possible Rally
While ethereum's current price trajectory may seem 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.
A notable voice among bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. In a recent <a target="_blank" href="https://x.com/CryptoBullet1/status/1863647220400074862″ target=”_blank” rel=”nofollow”>mail 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 reach new highs, potentially reaching $6,675. The analyst commented: “Did you see the monthly chart of $eth? Bullish AF. This month, we're going to Crush the Resistance. Cup and handle goal: $6,675.”
Adding to the optimism, Venture Founder, another prominent analyst, projected an even more ambitious goal for ethereum.
In a detailed analysis, the company's founder noted that ethereum has been in a “triangular consolidation phase” for the last 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 $15,937 by May 2025. The Venture founder stated: “Base case: ethereum is likely to repeat this impulsive breakout it made between 2016-2017 to shoot at the new ATH.”
<blockquote class="twitter-tweet”>
3 years of consolidation of the triangle for <a target="_blank" href="https://twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#ethereum and <a target="_blank" href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>$eth could enter a new paradigm that has consolidated during the last 7 years.
Base Case: ethereum is likely to repeat this impulsive breakout it had between 2016 and 2017 to skyrocket to a new ATH.
Target price: $15,937 by May 2025 pic.twitter.com/3iYZTjG6Lv
– business founder (@venturefounder) <a target="_blank" href="https://twitter.com/venturefounder/status/1863726982896271694?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>December 2, 2024
Symmetrical triangle pattern sparks interest
Clifton Fx, another respected analyst, offered a similar perspective, focusing on ethereum's symmetrical triangle formation seen in the weekly period.
According to Clifton Fx, a bullish breakout of this formation could push the price of ethereum up to $13,000.
Related reading
This aligns with the broader sentiment shared by analysts, who believe that ethereum technical indicators are setting the stage for a major price rally.
<blockquote class="twitter-tweet”>
<a target="_blank" href="https://twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>$eth (Update)
Formation of symmetrical triangles in a weekly time period….
In case of an upside breakout, the next stop will be 13k<a target="_blank" href="https://twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#eth <a target="_blank" href="https://twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#ethereum <a target="_blank" href="https://twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#crypto pic.twitter.com/DTNlCiNnZx
– Clifton Fx (@clifton_ideas) <a target="_blank" href="https://twitter.com/clifton_ideas/status/1862491414673989736?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>November 29, 2024
Featured image created with DALL-E, TradingView chart
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>
