After breaking out of the symmetrical triangle, the price of Ethereum signals a bullish future. ETH must overcome several obstacles before reaching major levels, despite its optimism.
ETH Price Analysis
Between the 24th of January and the 27th of March, the price of Ethereum formed a symmetrical triangular pattern. Three lower highs and four higher lows are connected with trend lines in this technical setup.
Theoretical forecasting tools predict that this technical pattern could result in a 34 percent move, as measured by the distance between the triangle’s starting swing points. The aim is $3,818 when this distance is added to the breakout point of $2,837.
ETH achieved a daily candlestick close over $2,837 on March 27th, signalling a breakout. Since then, the smart contract token has increased by 22%, but bulls have run out of steam. As a result, ETH has declined 7% and is now hovering around the $3,077-$3,197 demand zone.
Another leg-up is likely to follow a bounce off this barrier, but this time, ETH will retest the 200-day Simple Moving Average (SMA) around $3,489.
Because this barrier is so high, a successful flip might be the catalyst for a bull run to $3,833, the expected aim of the symmetrical triangle. This advance might hit the $4,000 psychological barrier in a strongly optimistic scenario, bringing the overall run-up to 25%.
Analyst Predicts run to 5 digits for ETH Price
Arthur Hayes, the former CEO of BitMEX, made an Ethereum prediction. Hayes makes the positive argument for the second cryptocurrency in terms of market cap in an article titled “Five Ducking Digits.”
As a result of the war between Russia and Ukraine, Hayes feels the present financial system has entered a new phase. As a result, the international community levied sanctions on the former country.
Russia’s banking system has been cut off, its social elite has been punished, and its gold reserves have been seized. Hayes argued in his thesis that the Vladimir Putin-led Russia and other superpowers will work to dethrone the dollar as the world’s reserve currency.
As a result, Gold and Bitcoin prices will rise as individuals seek safe havens and neutral monetary systems. Hayes’ most recent piece is based on the notion that the global financial crisis will benefit cryptocurrency.