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The Ethereum price has once again crossed the $4,500 threshold, trading just 9% below its all-time high of $4,946, prompting a surge of bullish predictions for the leading altcoin.
Bullish Reversal For Ethereum Price
Market expert Gert van Lagen took to X (formerly Twitter) to share his insights, suggesting that the Ethereum price is currently following a “textbook” expanding diagonal pattern on its biweekly chart.
As seen in the expert’s chart below, this expanding diagonal pattern is characterized by a series of rising trend lines, indicating a potential reversal from a downtrend to an uptrend.
Over the past month and a half, the Ethereum price has consolidated between $4,200 and $4,600, with a brief drop towards $3,800 on September 25th. This met significant demand, resulting in a swift recovery of the $4,000 support level.
By connecting the lower points of these downward movements—known as waves 2 and 4—with the upper points of waves 1, 3, and 5, a triangular or diagonal shape emerges.
According to van Lagen’s analysis, this pattern signifies a shift in momentum for the Ethereum price from bearish to bullish, often leading to a significant upward breakout. Bitcoin (BTC) led the market recovery also approaching record levels above $120,000.
Van Lagen noted that Ethereum’s Wave v is nearing completion, supported by a final corrective a-b-c wave. Specifically, Wave a has successfully broken above the crucial resistance level of $3,650, retested it for support in the b wave, and is now poised for the final impulse in wave c, aiming for an ambitious target range of $9,000 to $18,000.
The Path Forward For ETH
Adding to the optimistic sentiment, market analyst Mr. Wall Street has expressed a similarly bullish outlook, asserting that the Ethereum price is on track to reach its final price target for this cycle, estimated between $7,000 and $8,000.
However, both analysts agree that Ethereum’s ability to surpass its previous record near the $5,000 mark will be pivotal as this level is expected to act as a significant resistance barrier should the current recovery continue.
Looking ahead, market analyst Michael van de Poppe has also weighed in, predicting that the coming weeks will see Bitcoin experience an upward bounce before undergoing a slight correction.
Following this, he anticipates the Ethereum price will begin to gain momentum. “Given that the BTC pair is currently holding up well and has undergone a standard correction, I believe we will see Ethereum pick up steam in the near future,” van de Poppe stated.
Featured image from DALL-E, chart from TradingView.com
