Ethereum Price At $10,000: Symmetrical Triangle Breakout Predicts Big Gains

Este artículo también está disponible en español.

The Ethereum priceis signaling a potential breakout based on recent price movements. According to Trader Tardigrade, a crypto analyst on X (formerly Twitter), Ethereum could see its value reaching new all-time highs of around $10,000 if it can successfully break out of its current symmetrical triangle formation.  ETH Triangle Breakout Targets $10,000

Trader Tardigrade has predictedEthereum’s next price target to $10,000based on an ascending trendline and symmetrical triangle pattern. To be more precise, the analyst has confirmed that the Ethereum price has been following a distinctive ascending trendline and is now forming a key symmetrical triangle pattern, which often indicates an imminent price breakout. Related Reading Analyst Says Dogecoin Price Looks ‘Ready’, Predicts 5,202% Surge 1 day ago

In light of these developments, Trader Tardigrade has revealed that, historically, Ethereum has experienced explosive rallies to new highs after breaking out of symmetrical triangle patterns. Sharing an Ethereum price chart confirming this observation, Trader Tardigrade revealed that from June 2022 to the present, the Ethereum price has broken out of multiple symmetrical triangle patterns while playing on an ascending trendline. 

Before April 2023, the cryptocurrency’s price broke out of a symmetrical triangle, which led to a massive 70.73% price increase to new highs. Similarly, from around October 2023 to the beginning of 2024, the cryptocurrency experienced its second breakout, triggering a massive 140.4% price rally.

Based on these historical bullish trends, Trader Tardigrade has noted that Ethereum is approaching its third breakout from its current symmetrical triangle pattern. In the last breakout, the cryptocurrency had doubled its gains, jumping 70% from the first breakout to 140%. 

With this in mind, the analyst has projected that this next breakout could result in a 280% price increase for Ethereum, doubling its 140% jump from the second breakout. Moreover, if Ethereum’s price increases by this projected 280% rally, then its price could potentially reach $10,000.  Update On The Ethereum Price Action

Despite bullish projectionssuggesting that Ethereum could be gearing up to hit new all-time highs, the cryptocurrency has been under significant downward pressure, experiencing major declines and slow growth. To the dismay of Ethereum investors, the cryptocurrency has declined again by 2.20% in the last 24 hours, after experiencing a 4.1% decrease over the past week, according to CoinMarketCap.  Related Reading Bitcoin Price Shows Bearish Engulfment After Breakout, Here’s How Far The Price Could Crash 23 hours ago

The ongoing decline in Ethereumhas also prompted significant backlash from many crypto community members, with analysts rankingit as one of the most underperforming assets from the previous market cycle. While other crypto members emphasizehow disappointing the cryptocurrency’s price performance has been lately. 

As of writing, the Ethereum price is trading at $2,517, with many predictingthat the cryptocurrency could drop even lower and possibly triggera downturn for other altcoins in the market if it fails to maintain the 0.038 BTC/ETH level.   ETH price above $2,500 | Source: ETHUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com