Considering the ongoing cycle is still in the bull phase, confidence in Ethereum about an impending significant rally to unprecedented levels has emerged within the community. ETH may have faced heightened volatility over the past few weeks, but crypto analysts contend that the altcoin’s next major upswing might be on the horizon.
A Historic Comeback Toward Present All-Time High Imminent
Titan of Crypto, a technical expert and trader, delved into Ethereum’s price performance in the ongoing cycle, suggesting a move to historical levels. In the analysis, Titan of Crypto claims ETH may be on the verge of reclaiming its current all-time high of $4,800.
The expert’s perspective is based on past trends, particularly the 2021 market cycle in which ETH achieved its present price peak. His prediction points to a similar trend when periods of consolidation preceded notable price spikes in 2021.
Growing negative sentiment about ETH’s price performance among investors is the major reason for Titan of Crypto’s bullish analysis. While many complain about ETH’s lackluster performance in the ongoing cycle, the analyst highlighted that the altcoin is ahead of the 2021 market cycle.
As of December 2020, the expert noted that Ethereum was still 90% below its previous all-time high. Meanwhile, the altcoin is just 44% below its current all-time high this month, implying a potentially improved bull cycle than the last one.
In the past cycle, ETH did not regain its peak until January 2021. Since this cycle is performing quite similarly to past scenarios, Titan of Crypto’s analysis suggests that the crypto asset might also revisit its all-time high soon, possibly in January 2025.
With increasing investor confidence, heightened adoption of decentralized applications, and consistent network upgrades, Ethereum could attract the necessary momentum to surge to a new peak. However, monitoring key resistance levels and general market conditions will be important to determine ETH’s next move in the upcoming weeks.
ETH’s Price Hints At Path To A $7,300 Milestone
Despite the current volatility in the market, ETH continues to display potential for a significant move toward uncharted territory. Recent price action shows that Ethereum has formed a crucial chart formation, sparking optimism among investors about an upward breakout.
According to market expert Crypto Patel, an Inverse Head and Shoulders pattern has emerged in the 5-day time frame. This key formation, which is frequently linked to remarkable price increases indicates that the altcoin is poised to rally as it eyes a breakout on the upside.
Should ETH break out from the bullish pattern, the expert is confident that the digital asset may rally to the $7,300 level. After that, Crypto Patel expects other altcoins to follow suit shortly, urging investors and traders to be patient.
Featured image from Unsplash, chart from Tradingview.com
