According to cryptographic analyst Crypto Yoddha, Ethereum (ETH) may have finally reached his butt. The analyst shared his ideas about X, which suggests that the second largest cryptocurrency for market capitalization could be on the verge of a trend reversion.
Is the Ethereum background finally in?
Yoddha crypto shared A 10 -day ETH graph that indicates that the digital asset has probably touched the background for this cycle. To support this analysis, the analyst highlighted the amazing similarities between the current behavior of ETH prices and its movement during the 2019-2020 cycle.
According to the analyst, Ethereum followed a similar price structure in its previous cycle before embarking on a bullish rally that increased 2,500%. The picture also suggests the completion of a WXY correction pattern of Elliott’s wave theory, a three -wave corrective structure that often precedes trend reversions.
For the uninitiated, WXY’s corrective pattern in the Elliott wave theory is a three -wave correction where w e and are corrective movements, and X connects them. It is a more complex version of an ABC correction, which makes price movements last longer before the trend continues.
The analyst also emphasized that breaking the resistance level of $ 4,600 is crucial for ETH to maintain its upward impulse. If ETH erases this obstacle, it could replicate the trajectory of its previous cycle, potentially gathering $ 10,000– $ 13,000.
Crypto Yoddha’s feelings were resonated by cryptography partner Mr. Crypto. The analyst shared the following table, saying that ETH has touched and it is likely that a ‘great investment’ will occur soon.
ETH price reflecting its previous market cycle
A group of experienced cryptographic merchants, Shuarix, also heavy In ETH price behavior. They compared the current ETH structure with its 2020 price action during the market -induced market accident.
According to Shuarix, ETH recently experienced a false rupture of a symmetrical triangle pattern, followed by a great setback. They believe that this configuration could lead to a strong meetingwhile the market shakes the so -called “weak hands.”
They added that the bearish feeling that surrounds ETH is currently at a level that is not seen since 2020. In fact, the data in the chain reveal that the so-called ‘eth’-billeteras whales with substantial eth properties are from lose faith in digital asset.
In addition to the great investors that show a decreasing confidence in ETH, Ethereum’s rethinking percentage has also starry Since the maximum of November 2024. At the time of publication, ETH is quoted at $ 2,644, 3.5% less in the last 24 hours.
Prominent image of Unspash.com, X and TrainingView.com graphics
