Ethereum Price Eyes $4,000 With Rising Channel Pattern

Source Newsbtc

Crypto analyst BasicTrading has revealed a bullish pattern that has appeared for the Ethereum price, which hints at a rally to $4,000. This again provides some optimism concerning ETH, which has continued to underperform in this market cycle. 

Ethereum Price Eyes $4,000 With This Bullish Pattern

In a TradingView post, BasicTrading revealed that a breakout to $4,000 looks to be on the horizon for the Ethereum price following the formation of a rising channel pattern. This bullish prediction came as the analyst noted that ETH had been retesting the previous all-time high resistance and was not able to break it. 

However, this time, it could be different following the rising channel pattern. The analyst added that with the bullish break and retest and Ethereum price action, the breakout is about to happen. With Ethereum likely to break this psychological $4,000 resistance level soon enough, the analyst suggested that this could ultimately pave the way for ETH to reach and possibly surpass its current ATH of $4,800.

Ethereum

BasicTrading remarked that the sky is the limit for the Ethereum price if it manages to break above its current ATH. Interestingly, the crypto analyst raised the possibility of ETH rising to between $20,000 and $25,000 if it replicates its historical performance from previous bull cycles. This price range represents the upper resistance trendline of the rising channel. 

However, the analyst stated that the Ethereum price must first achieve a clear breakout of its current ATH before a rally to as high as $25,000 can become a possibility. This bullish projection for ETH comes just days after crypto analyst Ali Martinez explained why it wasn’t time to give up on Ethereum despite its underperformance in this market cycle. Martinez mentioned that a decisive breakout above $4,000 could send ETH to $7,000. 

ETH To Reach Five Digits In This Bull Run

Crypto analyst CrediBULL Crypto has also backed BasicTrading’s bullish outlook as he predicted that the Ethereum price would at least reach $10,000 in this market cycle. The analyst asserted that ETH will come back with a “vengeance” in the coming months. He added that $10,000 is the bare minimum once Ethereum breaks out. CrediBULL Crypto further opined that $20,000 is certainly not unreasonable by the end of this cycle. 

Crypto analyst Mikybull Crypto also provided a bullish outlook for the Ethereum price, stating that ETH’s hated rally that will bring it to $12,000 is loading. He further remarked that the chart is giving market participants a glimpse and that patience is all it takes. 

At the time of writing, the Ethereum price is trading at around $3,400, up over 5% in the last 24 hours, according to data from CoinMarketCap.

Ethereum
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Top 3 Price Prediction: Bitcoin, Ethereum, Ripple — BTC, ETH and XRP defend key support as rebound scenario stays in playBTC holds above $90,000, ETH hovers near $3,128 at the 50-day EMA, and XRP steadies above $2.07 as traders weigh rebound targets and key downside levels.
Author  Mitrade
Jan 09, Fri
BTC holds above $90,000, ETH hovers near $3,128 at the 50-day EMA, and XRP steadies above $2.07 as traders weigh rebound targets and key downside levels.
placeholder
Solana Future: From high-speed experiment to corporate treasury playbook for the next SOL cycleSolana’s Proof of History architecture is colliding with rising institutional treasury adoption and governance scrutiny, with SOL’s next cycle hinging on validator distribution, stability, and regulated capital access.
Author  Mitrade
Jan 12, Mon
Solana’s Proof of History architecture is colliding with rising institutional treasury adoption and governance scrutiny, with SOL’s next cycle hinging on validator distribution, stability, and regulated capital access.
placeholder
Gold Price Forectast: XAU/USD rises above $4,600 on US rate cut expectations, Fed uncertainty Gold price (XAU/USD) rises to around $4,600 during the early Asian session on Wednesday. The precious metal gains momentum as traders firm up bets on US interest rate cuts after the release of inflation data.
Author  FXStreet
Yesterday 01: 45
Gold price (XAU/USD) rises to around $4,600 during the early Asian session on Wednesday. The precious metal gains momentum as traders firm up bets on US interest rate cuts after the release of inflation data.
placeholder
US Dollar Index steadies above 99.00 ahead of Retail Sales, PPI dataThe US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is inching lower after registering modest gains in the previous session. The DXY hovers around 99.10 during the Asian hours on Wednesday.
Author  FXStreet
19 hours ago
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is inching lower after registering modest gains in the previous session. The DXY hovers around 99.10 during the Asian hours on Wednesday.
placeholder
Bitcoin shows strong correlation with institutional demand following 7% uptickBitcoin's price has largely tracked net institutional demand over the past year, according to Bitwise. Net institutional demand is the buying activity of global exchange-traded products (ETPs) and treasury companies minus new supply.
Author  FXStreet
4 hours ago
Bitcoin's price has largely tracked net institutional demand over the past year, according to Bitwise. Net institutional demand is the buying activity of global exchange-traded products (ETPs) and treasury companies minus new supply.
goTop
quote