17.3 C
New York
Monday, September 25, 2023

Buy now

The Chart Pattern That Takes Ethereum To $10K

In a flash, Ethereum is back to trading under $3,000 after just weeks ago reaching a high well over $4,000. The wider crypto market correction got the best of ETH and the rest of altcoins especially, and even managed to take down Bitcoin.
However, if past market cycles are any indication of future results, the crash could be the first touch of an ascending trendline that sends the top-ranked altcoin to around $10,000 per ETH.
How DeFi and NFTs Make For A Very Different Bull Run Than ICOs
During the 2017 bull market, both Bitcoin and Ethereum soared as money flowed into the market. Much of that capital trickled its way down to ICOs, which only further fueled the FOMO for ETH. Eventually, they also led to the collapse of the second-ranked cryptocurrency and the start of the Ethereum bear market.
Today things are very different. The most important altcoin in the space carries the rest of the market on its back. Sure that leads to high fees and slower transactions, but that’s because DeFi is such a big deal and so are NFTs.
Related Reading | The Bearish Signal Ethereum Bulls Need To Fear
These two transcendent technologies are also thanks to Ethereum, and while other chains could take the lead, first-mover advantage is hard to beat. Even though the altcoin collapsed in price recently, the pullback was technical and fundamentals remain plenty bullish.
This could result in the latest selloff being the bottom, and after some gyrating in an ascending pattern, a breakout to $10,000 could be next for ETH.

The ascending triangle would target $10K ETH | Source: ETHUSD on TradingView.com
Analyst: Repeating Triangle Fractal Could Send Ethereum To $10K
The pattern in reference is an ascending triangle pattern, pictured above. The pattern also matches the final consolidation phase of the last bull market, before Ethereum ran to all-time highs and the bear market started.
Related Reading | Here’s Where The Ethereum Rally Could Pause, According To Bitcoin Blueprint
Ether has a lot more going for it this time around, but after a run from $4,000 to $10,000, the market might need a reset – much like the market needed to reset after the rise from $500 to $4,000 over the last year.

The path Ether could take if the fractal confirms | Source: ETHUSD on TradingView.com
According to one trader who also sees the pattern playing out, the target of the structure will be $10,000 per ETH. Adding in an ascending pitchfork channel and some bars from the last breakout projected forward, and the price action would fit.
The path Ethereum takes would only be visible in hindsight, but if accurate, the crypto market has one more leg up before the bull market is over.
Featured image from iStockPhoto, Charts from TradingView.com

Claude Freeman
Claude Freeman
I have been in the Crypto industry for over 10 years. I have seen it grow from a small niche to a global phenomenon. I have written for some of the most popular publications in the space, including CoinDesk and Bitcoin Magazine. I am currently working on my second book, which is about the history of money and how cryptocurrency is changing the way we think about it.

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,318.05
ethereum
Ethereum (ETH) $ 1,584.82
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 209.00
xrp
XRP (XRP) $ 0.501587
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 1,584.50
dogecoin
Dogecoin (DOGE) $ 0.061055
cardano
Cardano (ADA) $ 0.244685
solana
Solana (SOL) $ 19.51
the-open-network
Toncoin (TON) $ 2.20
tron
TRON (TRX) $ 0.083755
polkadot
Polkadot (DOT) $ 4.02
matic-network
Polygon (MATIC) $ 0.515646
litecoin
Litecoin (LTC) $ 64.11
shiba-inu
Shiba Inu (SHIB) $ 0.000007
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,292.04
bitcoin-cash
Bitcoin Cash (BCH) $ 206.34
chainlink
Chainlink (LINK) $ 7.16
dai
Dai (DAI) $ 1.00
true-usd
TrueUSD (TUSD) $ 0.999093
leo-token
LEO Token (LEO) $ 3.72
uniswap
Uniswap (UNI) $ 4.28
stellar
Stellar (XLM) $ 0.113080
avalanche-2
Avalanche (AVAX) $ 8.80
monero
Monero (XMR) $ 144.36
okb
OKB (OKB) $ 42.70
binance-usd
Binance USD (BUSD) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 15.26
cosmos
Cosmos Hub (ATOM) $ 7.02
hedera-hashgraph
Hedera (HBAR) $ 0.050264
filecoin
Filecoin (FIL) $ 3.23
crypto-com-chain
Cronos (CRO) $ 0.050631
aptos
Aptos (APT) $ 5.55
lido-dao
Lido DAO (LDO) $ 1.48
internet-computer
Internet Computer (ICP) $ 2.95
quant-network
Quant (QNT) $ 88.75
mantle
Mantle (MNT) $ 0.397766
vechain
VeChain (VET) $ 0.016679
maker
Maker (MKR) $ 1,285.52
near
NEAR Protocol (NEAR) $ 1.11
arbitrum
Arbitrum (ARB) $ 0.818361
optimism
Optimism (OP) $ 1.27
kaspa
Kaspa (KAS) $ 0.047992
aave
Aave (AAVE) $ 62.36
rocket-pool-eth
Rocket Pool ETH (RETH) $ 1,711.32
the-graph
The Graph (GRT) $ 0.087459
algorand
Algorand (ALGO) $ 0.101879
whitebit
WhiteBIT Coin (WBT) $ 5.31
usdd
USDD (USDD) $ 0.998112