Just a few weeks ago, Ethereum bounced back in a flash, after hitting a high of less than $ 3,000 to more than $ 4,000. Comprehensive crypto market reform ETH. Got the best of And the rest of the altcoins in particular, and even managed to take down bitcoin.
However, if past market cycles are any indication of future results, the crash may be the first touch of an ascending trend line that sends the top-ranking altcoin About $ 10,000 per ETH.
How DFI and NXT make very different bull runs than ICOs
During the bull market of 2017, both Bitcoin and Ethereum increased as money flowed into the market. A lot of that Capital made its way to ICOs, Which promoted FOMO for ETH only. Eventually, he also led to the collapse of second-ranked cryptocurrency and the introduction of Ethereum Bear Market.
Today things are very different. the most important altcoin The rest of the market in the space rests on its back. Certainly this leads to higher fees and slower transactions, but that’s because Defy is such a big thing and so are NXTs.
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These two outstanding technologies are also thanks to Ethereum, and while other chains may take an edge, the first-mover advantage is hard to beat. Even if altcoin Recently fell in price, Pullback was technical And the fundamentals remain quite bullish.
This may result in the latest sell-off at the bottom, and after some Gearing In a growing pattern, the next breakout for ETH could be $ 10,000.
The ascending triangle would target $10K ETH | Source: ETHUSD on TradingView.com
Analyst: $ 10K to Ethereum repeating triangle fractal. Can send in
The pattern in context is a Ascending triangle pattern, Pictured above. This pattern also corresponds to the last consolidation phase of the previous bull market, before Ethereum hit an all-time high and Bear Started the market.
Related reading | According to the bitcoin blueprint, the Ethereum rally may stop here
This time Ether has a lot to offer for this, but after running from $ 4,000 to $ 10,000, the market may need a reset – after rising from $ 500 to $ 6,000 over the previous year. May need to be reset.
The path Ether could take if the fractal confirms | Source: ETHUSD on TradingView.com
According to a trader Which also sees that the pattern is trending, the structure would target $ 10,000 per ETH. Adding to an ascending pitchfork channel and forward a few times from the previous breakout are anticipated, and the price action will fit.
The path Ethereum treads will only be visible in sight, but if true, there is another leg in the crypto market before the bull market is over.
Featured image from iStockPhoto, Charts from TradingView.com