Crypto analyst Kartik has recently shed light on an emerging technical pattern for Ethereum’s price, suggesting a potential upward trajectory in the near future. Kartik further elaborated on the new price targets for ETH, borne out of this encouraging pattern.
In an in-depth TradingView post, Kartik revealed that Ethereum’s price has taken the shape of a flag and pole pattern, indicating a likelihood of a breakout. He highlighted that this pattern has emerged while Ethereum is currently negotiating a downtrend from a resistance level of $4,100. Along with this, he also pinpointed the potential targets following this pattern’s formation.
According to Kartik, the next substantial support level for Ethereum is at $2,800. He suggested that Ethereum’s price could experience a positive shift either through a breakout of the current trendline or finding support at the $2,800 level. The two scenarios could also simultaneously unfold. However, he advised traders and investors to exhibit patience and observe how the situation unfolds before making any investment decisions.
The Ethereum price chart presented by Kartik illustrates a potential rebound from the support level of $2,800, leading to a rally towards $3,600. The chart also suggests that Ethereum could even surge to a high of $4,000. However, ETH might encounter resistance around the $4,100 mark as it aims for higher prices. A breakthrough of the $4,100 resistance level could potentially spearhead a further rally to $4,400.
Adding to the bullish narrative, Crypto analyst Titan of Crypto projected an impending breakout for Ethereum. His comments came as Ethereum seems to be on the brink of breaking out from a falling wedge pattern. Similarly, crypto analyst Mikybull Crypto opined that the ETH breakout appears to be imminent and could push its price to $4,000.
In a separate post, crypto analyst Ted made a bold prediction that Ethereum’s price will hit $5,000 before April this year. He backed his claim by referring to ETH’s fundamentals, highlighting that such a significant rally is plausible for the world’s second-largest cryptocurrency by market cap. Ted drew attention to World Liberty Financial, owned by Donald Trump, purchasing and staking ETH, which is a bullish signal for Ethereum.
Ted also brought up the launch of Etherealize, which aims to facilitate institutional onboarding. This step could elevate the inflows into ETH ETFs, thereby positively influencing Ethereum’s price. Additionally, he mentioned the upcoming Pectra upgrade, slated for March 2025. Coupled with these bullish fundamentals, he noted that sentiment is currently at an all-time low, which, according to him, is an optimal signal for a reversal.
As of writing, Ethereum’s price is hovering around $3,130, experiencing a nearly 6% dip in the last 24 hours, as per data from CoinMarketCap.
