Ethereum Looking Ready To Break Out From 4-Year Consolidation, Analyst Says Price Will “Go Insane”

Summary

• Ethereum Bullish After Breakout: Ethereum shows strong bullish signs, gaining over 17% in a week and surpassing $2,500. Analysts predict a potential parabolic price surge after a four-year consolidation period.

• Analysts Foresee Major Rally: Multiple crypto analysts, including Mister Crypto and Skyrexio, are highly optimistic. They suggest Ethereum could reach new all-time highs, with Skyrexio specifically targeting $6,500 for the current wave, citing technical indicators like Elliott Wave theory and decreasing Bitcoin dominance.

• Whale Accumulation Signals Confidence: A significant bullish indicator is the withdrawal of nearly 1 million ETH from exchanges in the past month, suggesting active accumulation by large holders (“whales”) in anticipation of a price increase.

Following a notable surge of over 17% in the past week and a breach of the $2,500 mark, Ethereum is exhibiting renewed bullish momentum.

Ethereum Poised for Significant Upswing After Prolonged Consolidation

Market analysts are presenting an optimistic forecast for the second-largest cryptocurrency by market capitalization, suggesting that its price could experience a rapid, parabolic ascent after an extended period of market consolidation.

Analyst Predictions: A Four-Year Consolidation Nears Its End

Crypto analyst Mister Crypto, in a post on X (formerly Twitter), highlighted that Ethereum has been in a consolidation phase for four years.

He posited that the longer such a period lasts, the more substantial the subsequent upward price movement tends to be.

Expressing strong bullish sentiment, he indicated that a breakout is imminent, with his accompanying chart suggesting that Ethereum (ETH) could achieve a new all-time high (ATH) during this anticipated surge.

Similarly, crypto analyst Skyrexio asserted that Ethereum’s price is set to experience an “insane” rally shortly.

In an analysis shared on TradingView, Skyrexio argued that Bitcoin’s dominance in the market is approaching the end of its uptrend, which could provide a significant boost to ETH.

While acknowledging that Ethereum’s price is currently encountering resistance around the $2,600 level, the analyst noted that a bounce is already underway.

Skyrexio conceded the possibility of a minor correction for Ethereum in the upcoming week but maintained that the final uptrend has been confirmed.

Examining ETH’s weekly chart, Skyrexio interpreted the current market movement as wave 3 within the Elliott wave structure.

The appearance of a green dot on the Bullish/Bearish Reversal Bar indicator was cited as strong confirmation of an ongoing bull run.

Price Targets and Whale Accumulation

Skyrexio projected a target of $6,500 for wave 3, based on the 1.61 Fibonacci level.

He also advised market participants to consider an alternative scenario where Bitcoin dominance reaches 67%, potentially causing ETH to retest lower price levels.

Amidst these projections, significant accumulation activity by large holders, or “whales,” has been observed.

Crypto analyst Ali Martinez revealed that nearly 1 million ETH have been withdrawn from cryptocurrency exchanges over the past month, often seen as a bullish indicator.

Emergence from Long-Term Downtrend Fuels Optimism

Crypto analyst Mikybull Crypto announced in an X post that Ethereum has successfully broken out of a three-year downtrend.

He further opined that from this point forward, ETH is likely to outperform Bitcoin until the peak of the current market cycle.

His analysis included a chart indicating that the altcoin could rally to $9,000 before the conclusion of this cycle.

In a subsequent post, Mikybull Crypto reiterated this target, providing a price range of $8,000 to $10,000 for Ethereum within the current cycle.

He drew parallels to Ethereum’s market behavior in 2017, which he cited as a reason for his confidence in the cryptocurrency’s potential to reach as high as $10,000.

Another crypto analyst, Titan of Crypto, also forecasted a potential parabolic move for Ethereum’s price, predicting a rally to as high as $4,000.

As of the latest reports from CoinMarketCap, the price of Ethereum is trading at approximately $2,587, showing an increase within the last 24 hours.

Also Read: Ethereum’s 51% Attack Resistance Surpasses Bitcoin’s Claims Researcher Justin Drake

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