Can Ethereum Price Hit $15,000 Based on This Pattern?

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull runs and corrections. The recent short-term correction in Ethereum‘s price does not alarm me; it merely presents an opportunity for savvy investors like myself to buy at a discount.

Ethereum has suffered a short-term correction as the recent bull run took a breather. Bitcoin’s 6% crash has caused altcoins, including ETH, to go haywire, causing billions of US dollars in liquidations. Despite leading indicators like the altcoin season index and fear and greed index dropping. the long-term outlook of Ethereum and the broader crypto market remains bullish. Technicals suggest that the five-year Ethereum price pattern breakout could lead to a $15,000 target.

Ethereum Price Suffers Short-term Correction

The price of Ethereum has dropped by 8.7% from its yearly peak, and this fall can be attributed to recent fluctuations in Bitcoin’s value. After reaching an all-time high of $104,200, Bitcoin saw a dip below $98,000, which may have been caused by investors cashing out their profits. Coins like Ether tend to decrease in value when Bitcoin is falling due to the strong relationship that altcoins share with Bitcoin (BTC).

In my experience as a crypto investor, when the market took a downturn, it triggered a cascade of liquidations, leaving some overly optimistic traders like myself in a bit of a pickle. According to CoinGlass, Ethereum long positions faced a significant hit, with approximately $200 million in liquidations – a figure surpassing Bitcoin’s $131 million. In the last 24 hours, Ethereum short sellers endured losses amounting to roughly $27 million.

It appears the recent dip is just temporary turbulence and won’t affect the long-term outlook significantly. This setback could actually present a chance to buy at a lower price, potentially leading to significant growth and an eventual bullish surge. Moreover, Ethereum has robust foundations and backing from traditional finance giants like BlackRock. Given this strong support, is it possible that ETH will reach $15,000 as predicted in our Ethereum price prediction?

ETH Technical Analysis: Can Ethereum Hit $15,000?

An intricately designed Ethereum price forecast suggests a possible surge towards $111,728 in the future, marking a significant rise. This spike would elevate its market capitalization from the current $448 billion to approximately $15.3 trillion, surpassing the combined values of Apple, NVIDIA, Microsoft, and Amazon.

From 2015 onwards, the weekly Ethereum price graph demonstrates a distinctive and recurring trend. During the period between 2015 and 2017, it followed a bullish flag formation in its chart pattern.

In many instances, this structure consists firstly of a tall vertical segment, then a rectangular form. Often, this setup signals an aggressive uptrend (bullish breakout). Here, the value of the coin peaked at approximately $313 in the year 2017, reaching a flag projection.

After being part of the bullish pennant formation from 2020 to 2022, the coin is currently developing the triangular segment of this pattern. Similar to a bullish flag, a pennant typically precedes a powerful surge in price movement.

By employing the flagpole technique, we’re looking at a potential target of $111,728 for Ethereum. However, given the current circumstances, reaching that figure seems challenging. Thus, a more realistic Ethereum price target is $15,313, which represents a 305% increase from its current value. This kind of surge was demonstrated by Stellar and Ripple, both of which experienced approximately 500% growth in November.

The predicted bullish ETH projection may be invalidated when it reaches around $890, a price point that was its lowest in June 2022 and represents a 76% decrease from its current value. Notably, this price falls at the lower boundary of the triangle pattern resembling a pennant. A fall below this level might potentially drive the coin back towards its 2020 low of approximately $100.

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2024-12-10 18:28