Ethereum is on the verge of a big breakout, according to one analyst. A crypto expert on X (formerly Twitter), known as Trader Tardigrade, believes Ethereum could reach new all-time highs of around $10,000 if it breaks out of its current pattern.
A Pattern of Success
Trader Tardigrade points to a symmetrical triangle pattern in Ethereum’s price chart. This pattern, combined with an upward trendline, has historically led to massive price increases for Ethereum.
In the past, Ethereum has broken out of similar triangles, resulting in huge rallies:
- June 2022: A breakout led to a 70.73% price increase.
- October 2023:
Another breakout triggered a 140.4% price rally.
Based on these past performances, Trader Tardigrade predicts that the current breakout could lead to a 280% price increase for Ethereum, potentially pushing its price to $10,000.
Ethereum’s Recent Struggles
Despite this optimistic outlook, Ethereum has been struggling lately. The cryptocurrency has experienced significant declines in recent weeks, with a 2.20% drop in the last 24 hours.
This downward pressure has disappointed many investors, who see Ethereum as one of the worst-performing assets from the previous market cycle.
If Ethereum fails to break out of its current pattern and maintain its current price level, it could trigger a downturn for other cryptocurrencies.
What’s Next for Ethereum?
While the future of Ethereum remains uncertain, the potential for a significant price increase is certainly there. Only time will tell if Trader Tardigrade’s prediction will come true.
