{"id":33271,"date":"2023-11-27T23:53:28","date_gmt":"2023-11-28T03:53:28","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33271"},"modified":"2023-11-27T23:53:28","modified_gmt":"2023-11-28T03:53:28","slug":"ethereum-return-to-4800-analyst-identifies-pattern-to-trigger-rally-to-ath","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/27\/ethereum-return-to-4800-analyst-identifies-pattern-to-trigger-rally-to-ath\/","title":{"rendered":"Ethereum Return To $4,800: Analyst Identifies Pattern To Trigger Rally To ATH"},"content":{"rendered":"

The Ethereum price<\/a> has been trading more than 50% below its all-time high of $4,800 for the better part of a year now with no sign of returning to its previous all-time high. However, this slow trend may not continue for much longer as a crypto analyst has identified a pattern that could trigger a rally to its previous highs.<\/p>\n

Ethereum Stuck Inside A Bullish Triangle<\/h2>\n

In an analysis that was posted on TradingView, crypto analyst FieryTrading identified a unique pattern that the Ethereum price<\/a> has been trading in for almost two years. This pattern is a bullish triangle pattern<\/a> and it has persisted for more than one and a half years.<\/p>\n

Looking at the chart, the Ethereum price has not deviated from this bullish triangle and has not had any success breaking out of it. The triangle began toward mid-2022 when the Terra Network collapse triggered a crypto market-wide crash. Then even with multiple major recoveries since then, the altcoin\u2019s price<\/a> remains inside this triangle.<\/p>\n\n

The lower end of this bullish triangle is at $887 which is the cycle low, and the upper end has been tracked at just above $2,100. Given this range, it suggests that for Ethereum to break out of this bullish triangle, it would have to clear the $2,200 resistance.<\/p>\n

What Happens If ETH Breaks Out Of This Pattern?<\/h2>\n

As the crypto analyst highlights, a breakout of this pattern would lead to a massive rally. The top of this breakout rally could eventually see the Ethereum price return to its 2021 all-time high levels, reaching above $4,800.<\/p>\n\n

\u201cIn my eyes, a break out from this pattern might result in big gains for ETH<\/a>, since it will burst through an area full of short-trade stop-losses which will be forced to buy back their positions,\u201d FieryTrading said. A move to $4,800 would translate to a 130% increase from its current price levels.<\/p>\n

However, the crypto analyst explains that this could be more of a long-term performance, so it is possible that the cryptocurrency will not complete this move until at least the year 2024. But it paints a good, bullish picture for the altcoin<\/a> going forward.<\/p>\n

On its own this year, the Ethereum price has performed quite well, especially over the last 30 days. Data from CoinMarketCap shows that ETH\u2019s price<\/a> has risen 16.53% in one month to break above the $2,000 resistance which has now turned into support.<\/p>\n

Ethereum remains the second-largest cryptocurrency with a market cap of approximately $250 billion.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The Ethereum price<\/a> has been trading more than 50% below its all-time high of $4,800 for the better part of a year now with no sign of returning to its previous all-time high. However, this slow trend may not continue for much longer as a crypto analyst has identified a pattern that could trigger a rally to its previous highs.<\/p>\n

Ethereum Stuck Inside A Bullish Triangle<\/h2>\n

In an analysis that was posted on TradingView, crypto analyst FieryTrading identified a unique pattern that the Ethereum price<\/a> has been trading in for almost two years. This pattern is a bullish triangle pattern<\/a> and it has persisted for more than one and a half years.<\/p>\n

Looking at the chart, the Ethereum price has not deviated from this bullish triangle and has not had any success breaking out of it. The triangle began toward mid-2022 when the Terra Network collapse triggered a crypto market-wide crash. Then even with multiple major recoveries since then, the altcoin\u2019s price<\/a> remains inside this triangle.<\/p>\n

The lower end of this bullish triangle is at $887 which is the cycle low, and the upper end has been tracked at just above $2,100. Given this range, it suggests that for Ethereum to break out of this bullish triangle, it would have to clear the $2,200 resistance.<\/p>\n

What Happens If ETH Breaks Out Of This Pattern?<\/h2>\n

As the crypto analyst highlights, a breakout of this pattern would lead to a massive rally. The top of this breakout rally could eventually see the Ethereum price return to its 2021 all-time high levels, reaching above $4,800.<\/p>\n

\u201cIn my eyes, a break out from this pattern might result in big gains for ETH<\/a>, since it will burst through an area full of short-trade stop-losses which will be forced to buy back their positions,\u201d FieryTrading said. A move to $4,800 would translate to a 130% increase from its current price levels.<\/p>\n

However, the crypto analyst explains that this could be more of a long-term performance, so it is possible that the cryptocurrency will not complete this move until at least the year 2024. But it paints a good, bullish picture for the altcoin<\/a> going forward.<\/p>\n

On its own this year, the Ethereum price has performed quite well, especially over the last 30 days. Data from CoinMarketCap shows that ETH\u2019s price<\/a> has risen 16.53% in one month to break above the $2,000 resistance which has now turned into support.<\/p>\n

Ethereum remains the second-largest cryptocurrency with a market cap of approximately $250 billion.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-33271","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=33271"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33271\/revisions"}],"predecessor-version":[{"id":33284,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33271\/revisions\/33284"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33271"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}