Amid waning market momentum, Ethereumthe second largest digital asset, shows a notable decline and falls to multiple support levels. However, given the recent developments on the chart, the altcoin could witness a major rally that could send ETH to a new all-time high in the coming months.
Major breakthrough to power Ethereum’s next big move
Captain Faibik, a market expert and enthusiast, dives into the current price action of Ethereum and pointed out that ETH has undergone a critical chart pattern break, giving investors hope for its future price performance unprecedented levels.
This important chart pattern is a huge triangle formation that has been developing for over two years. This breakout from the massive triangle pattern specifically signals a substantial change in market momentum and raises the possibility that Ethereum is preparing for a powerful rally.
Given the magnitude of the outbreak, Captain Faibik claims that the 2024-2025 ETH bull run has officially begun, expressing confidence in the development that will propel the asset to new all-time highs. As a result, the market expert believes that the middle target for the altcoin is set at the price level of $10,000.
According to Captain Faibik, ETH’s path to the $10,000 milestone is programmed, citing key technical indicators that reflect bullish sentiment as the digital asset breaks past significant value. resistance levels and lays the foundation for more price spikes.
While there has been some market volatility for Ethereum, Captain Faibik’s claims could imply that the fundamentals are in place to send ETH to this critical price point. Therefore, he urged investors not to be deterred by the current market trend and hold firmly to their ETH holdings as a big rally is on the horizon.
The price of ETH lags behind Bitcoin
In recent days, Ethereum has witnessed a negative movement, causing uncertainty among investors and traders. But as Crypto Jelle, a technical analyst and trader, declaredcompared to the largest cryptocurrency, Bitcoin, there is nothing to worry about.
According to Jelle ETH is currently lagging behind Bitcoin, which is “completely normal”. The analyst drew attention to the last cycle, highlighting that ETH only made a price discovery after Bitcoin rose 100% past its previous cycle high, and after that Ethereum was unstoppable. With Bitcoin outperforming ETH, Jelle is confident that a similar development could unfold in the current cycle.
At the time of writing, ETH was trading at $3,656, indicating a decline of more than 2% in the past day. This recent price drop has affected investor sentiment as the market capitalization and trading volume have fallen by more than 2% and 21% respectively in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com