After breaking the symmetrical triangle, Ethereum price is signaling a bullish future. ETH, despite its optimism, has to overcome several obstacles before it reaches major levels.
ETH Price Analysis
Between January 24 and March 27, the price of Ethereum formed a symmetrical triangular pattern. Three lower highs and four higher lows are connected to trendlines in this technical setup.
Theoretical forecasting tools predict that this technical pattern could result in a 34 percent movement as measured by the distance between the triangle’s starting points. The target is $3,818 when this distance is added to the breakout point of $2,837.
ETH hit a daily candlestick above $2,837 on March 27, signaling a breakout. Since then, the smart contract token has risen by 22%, but the bulls have run out of steam. As a result, ETH is down 7% and is now hovering around the $3,077-$3,197 demand zone.
Another rise is likely to follow a bounce off this barrier, but this time around, ETH will retest the 200-day Simple Moving Average (SMA) at around $3,489.
Because this barrier is so high, a successful flip could be the catalyst for a bull run to $3,833, the expected target of the symmetrical triangle. This advance could hit the $4,000 psychological barrier in a highly optimistic scenario, bringing the total run-up to 25%.
Analyst predictions run up to 5 digits for ETH price
Arthur Hayes, the former CEO of BitMEX, made an Ethereum prediction. Hayes makes the positive case 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 believes that the current financial system has entered a new phase. As a result, the international community has imposed sanctions on the former country.
The Russian banking system has been cut off, its social elite has been punished and its gold reserves have been confiscated. Hayes argued in his dissertation that 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 soar as individuals seek safe havens and neutral monetary systems. Hayes’ most recent piece is based on the idea that the global financial crisis will benefit the cryptocurrency.