- Ethereum mirrors Bitcoin’s past cycle, fueling bullish sentiment and a potential rally toward $10K if history repeats.
- Analysts highlight Ethereum’s re-accumulation phase, a pattern that previously led to Bitcoin’s explosive breakout.
- Technical indicators and volume trends suggest Ethereum is primed for a breakout, with $4K as the next key resistance.
Taking into account previous trends in Bitcoin, crypto analyst Ash Crypto mentions a re-accumulation stage into which Ethereum has entered. This phase has shown up before a powerful breakout in Bitcoin’s price movement, giving birth to expectations and speculation of a forthcoming rise in Ethereum’s value. Ethereum might end up going above the dollar $10,000 if history repeats.
Source: Ashy Crypto
Ethereum’s Market Structure Resembles Bitcoin’s Third Cycle
The present performance of Ethereum appears to coexist with that of Bitcoin in its third cycle. Accumulation by Bitcoin initiated a long phase of price stagnation and multiple trendline rejections. Manipulative action was followed by Bitcoin’s upward movement into unchartered highs.
Similarly, Ethereum has been in a consolidation phase, establishing a support level before gradual upward movement. A descending trendline has formed, leading to multiple price rejections. Analysts suggest Ethereum is now in the re-accumulation phase, which historically precedes a breakout.
Ethereum has already demonstrated a price structure similar to Bitcoin’s past performance. If the pattern continues, Ethereum could be on the brink of a major rally. Consequently, investors remain optimistic, expecting a surge that mirrors Bitcoin’s past explosive movement.
Ethereum’s Price Targets and Technical Outlook
Market analyst Autumn Riley also notes Ethereum’s steady climb toward $4,000. She highlights two key accumulation phases, both signaling impending breakouts. The price previously peaked at $4,106 before retracing to establish another accumulation zone.
Source: Autumn Rily
A crucial trendline supports Ethereum’s price action, showing higher lows and strengthening the bullish outlook. The current price of $2,626 suggests Ethereum remains in an accumulation phase, but analysts anticipate a breakout soon. Additionally, moving averages indicate upward momentum, supporting the potential rally thesis.
Volume analysis also reinforces this expectation. Past breakouts followed increased trading activity, and recent data suggests rising participation. If accumulation holds, Ethereum could surpass previous highs, potentially reaching the $10,000 mark.
Moreover, historical price movements show a repeating accumulation-to-breakout cycle. Given the structured trendlines and bullish indicators, Ethereum appears poised for significant upward movement. Consequently, investors are closely monitoring key resistance levels, anticipating a breakout in the coming weeks.
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