Ethereum Price Dips, But Analysts Predict Explosive Surge to $15,000—Here’s Why

Samuel Edyme

6 months ago

3 mins read

Ethereum Price Dips, But Analysts Predict Explosive Surge to $15,000—Here’s Why

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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced another downturn in its price. Following an earlier attempt at bullish momentum last week, Ethereum has dropped by 2.4% in the past 24 hours, trading at $3,577 at the time of writing.

This decline puts Ethereum at a 26.8% decrease from its all-time high of $4,878, recorded in November 2021. Despite this, the network’s daily trading volume remains quite strong, registering $42.4 billion—a significant increase from late last month when volumes dipped below $35 billion.

Chart Patterns Indicate Potential Rally

While Ethereum’s current price trajectory may appear discouraging, analysts within the cryptocurrency community have expressed optimism regarding its long-term potential.

Several technical indicators and chart patterns have emerged, leading some analysts to predict a significant rally for the asset in the coming months.

One notable voice among the bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. In a recent post on X, the analyst highlighted a “cup and handle” formation on Ethereum’s monthly price chart.

Cup and Handle formation on Ethereum chart. | Source: CryptoBullet

According to CryptoBullet, this pattern suggests that Ethereum could surge to new highs, potentially reaching $6,675. The analyst commented, “Did you guys see the $ETH monthly chart? Bullish AF. This month, we’re going to SMASH through the resistance. Cup&Handle Target – $6675.”

Adding to the optimism, Venture Founder, another prominent analyst, projected an even more ambitious target for Ethereum.

In a detailed analysis, the venture founder noted that Ethereum has been in a “triangular consolidation phase” for the past three years, a pattern reminiscent of its behavior from 2016 to 2017.

The analyst predicted that Ethereum could break out of this consolidation and enter a new price paradigm, estimating a target of $15,937 by May 2025. Venture Founder stated, “Base Case: Ethereum likely to repeat this impulsive breakout it did between 2016-2017 to shoot to new ATH.”

3 years of triangle consolidation for #Ethereum and $ETH could enter a new paradigm which it consolidated for the past 7 years.

Base Case: Ethereum likely to repeat this impulsive breakout it did after between 2016-2017 to shoot to new ATH.

Price Target: $15,937 by May 2025 pic.twitter.com/3iYZTjG6Lv

— venturefounder (@venturefounder) December 2, 2024

Symmetrical Triangle Pattern Sparks Interest

Clifton Fx, another respected analyst, offered a similar outlook, focusing on Ethereum’s symmetrical triangle formation observed in the weekly timeframe.

Symmetrical triangle pattern formation on Ethereum chart. | Source: Clifton Fx on X

According to Clifton Fx, an upside breakout from this formation could propel Ethereum’s price to as high as $13,000.

This aligns with the broader sentiment shared by analysts, who believe that Ethereum’s technical indicators are setting the stage for a significant price rally.

$ETH (Update)

Symmetrical triangle formation in weekly timeframe….

In case of Upside breakout the next stop will be 13k📈#ETH #Ethereum #Crypto pic.twitter.com/DTNlCiNnZx

— Clifton Fx (@clifton_ideas) November 29, 2024

Featured image created with DALL-E, Chart from TradingView

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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