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The Chart Pattern That Takes Ethereum To $10K

Tony Spilotro by Tony Spilotro
1 year ago
in ETH
Reading Time: 3 mins read
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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.

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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.

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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.

Ethereum pitchfork $10k

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
Tags: altcoinascending triangleETHEtherethereumethusdETHUSDT
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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