Amid waning market momentum, EthereumThe second largest digital asset, is showing a notable decline, falling to multiple support levels. However, with the recent developments cited in its chart, the altcoin could witness a major rally that could send ETH to a new all-time high in the coming months.
Key breakout to fuel Ethereum’s next big move
Delving into the current Ethereum price action, Captain Faibik, a market expert and enthusiast, pointed out that ETH has experienced a critical chart pattern breakout, raising hope among investors about its future price performance. unprecedented levels.
This key chart pattern is a massive Triangle formation, which has been developing for over 2 years. Specifically, this Massive Triangle pattern breakout indicates a substantial shift in market momentum and raises the possibility that Ethereum is gearing up for a powerful rally.
Considering the magnitude of the breakout, Captain Faibik claims that the ETH 2024-2025 bull run has officially begun, expressing confidence in the development to push the asset towards new all-time highs. For this reason, the market expert considers that the average objective for the alternative currency is set at the $10,000 price level.
According to Captain Faibik, ETH’s path towards the $10,000 milestone is on schedule, citing key technical indicators reflecting bullish sentiment as the digital asset surpasses significant levels. resistance levels and sets the stage for further price increases.
Although there is some volatility in the Ethereum market, Captain Faibik’s claims could imply that the fundamentals are in place to drive ETH towards this critical price point. Therefore, he has urged investors not to get shaken by the current market trend and hold on tightly to their ETH holdings because a important demonstration is on the horizon.
ETH price is behind Bitcoin
In recent days, Ethereum has witnessed a negative movement, causing uncertainty among investors and traders. However, as Crypto Jelle, technical analyst and trader, fixedCompared to the largest cryptocurrency asset, Bitcoin, there is nothing to worry about.
According to Jelle, ETH It is currently behind Bitcoin, which is “perfectly normal.” Drawing attention to the last cycle, the analyst highlighted that only after Bitcoin rose 100% beyond its previous cycle high did ETH enter into price discovery, and after that, Ethereum was unstoppable. With Bitcoin outperforming ETH, Jelle is confident that a similar development could unfold in the ongoing cycle.
At the time of writing, ETH was trading at $3,656, indicating a decline of over 2% in the last day. This recent price drop has affected investor sentiment as its market capitalization and trading volume have decreased by more than 2% and 21% respectively in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com
