Amid declining market momentum Ethereumthe second largest digital asset, is showing a notable decline, falling to multiple support levels. However, given the recent developments on the chart, the altcoin could see a major rally that could send ETH to a new all-time high in the coming months.
Major hack to drive Ethereum’s next big move
Delving into the current price action of Ethereum, Captain Vaibeck, market expert and enthusiast, He pointed out ETH has undergone a critical chart pattern breakout, sparking hope among investors towards its future price performance Unprecedented levels.
This main chart pattern is a huge triangle formation, which has been developing for over two years. Specifically, this breakout of the massive triangle pattern signals a major change in market momentum and increases the likelihood that Ethereum is poised for a strong rally.
Given the scale of the hack, Captain Vibeke claims that the 2024-2025 ETH bull trend has officially begun, expressing confidence in the development to push the asset towards all-time highs. As a result, the market expert believes that the average target for… Alternative currency It is set at $10,000 price level.
According to Captain Vibeck, ETH’s path to the $10,000 level is programmed, citing key technical indicators that reflect bullish sentiment with the digital asset exceeding significant significance. Resistance levels It lays the foundation for further price increases.
Although there is some volatility in the Ethereum market, Captain Vibeck’s claims would imply that the fundamentals are in place to push ETH towards this critical price point. Hence, he urged investors not to be shaken by the current market trend and firmly hold on to their ETH holdings because Big pool On the horizon.
ETH price lags behind Bitcoin
Over the past few days, Ethereum has witnessed negative movement, creating uncertainty among investors and traders. However, as Crypto Jelle, a technical analyst and trader, says, maleCompared to the largest cryptocurrency asset, Bitcoin, there is nothing to worry about.
According to my generation, Ethereum It currently lags behind Bitcoin, which is “completely normal.” Drawing attention to the last cycle, the analyst highlighted that only after Bitcoin surged 100% past its previous cycle high, ETH went into price discovery, and after that, Ethereum was unstoppable. With Bitcoin outperforming ETH, Jelle is confident that a similar development could occur in the ongoing cycle.
At the time of writing, ETH is trading at $3,656, indicating a decline of over 2% in the past day. This recent drop in prices has impacted investor sentiment as the market capitalization and trading volume declined by more than 2% and 21% respectively over the past 24 hours.
Featured image from Unsplash, chart from Tradingview.com