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    Ethereum prices are falling, but analysts are predicting a massive rise to $15,000 – here’s why

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    This article is also available in Spanish.

    Ethereum (ETH), the second largest cryptocurrency by market cap, has seen another decline in its price. After his previous attempt Bullish momentum Last week, the price of Ethereum fell by 2.4% over the past 24 hours, trading at $3,577 at the time of writing.

    This decline puts Ethereum at a 26.8% decline from its all-time high of $4,878, recorded in November 2021. Despite this, the network’s daily trading volume Still very strongRecording $42.4 billion, this is a significant increase from late last month when volumes fell to less than $35 billion.

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    Chart patterns indicate potential upside

    While Ethereum’s current price trajectory may seem depressing, analysts within the cryptocurrency community have… Express optimism Regarding its long-term potential.

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

    One prominent voice among bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. Recently mail On X, the analyst highlighted a “cup and handle” formation on the monthly Ethereum price chart.

    Cup and handle formation on Ethereum chart. | Source: Cryptobolite

    According to CryptoBullet, this pattern indicates that Ethereum could rise to new highs, potentially reaching $6,675. “Have you guys seen the monthly ETH/USD chart? Bullish AF. This month, we are going to break the resistance. Cup and handle target – $6,675,” the analyst commented.

    Adding to the optimism, Venture Founder, another prominent analyst, predicted even more An ambitious goal For Ethereum.

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

    The analyst predicted that Ethereum could emerge from this consolidation and enter a new price model, estimating a target of $15,937 by May 2025. The project founder stated, “Base case: Ethereum will likely repeat that impulsive breakout it did between 2016-2017 to fire To the new ATH.”

    The symmetrical triangle pattern is interesting

    Clifton Fx, another respected analyst, gave a similar outlook, focusing on Ethereum’s symmetrical triangle formation observed on the weekly time frame.

    Formation of a symmetrical triangle pattern on the Ethereum chart.
    Formation of a symmetrical triangle pattern on the Ethereum chart. | Source: Clifton Fx on X

    According to Clifton Fx, a bullish breakout from this pattern could push Ethereum price as high as $13,000.

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    This is in line with broader sentiment shared by analysts, who believe that Ethereum’s technical indicators are paving the way for a significant price rise.

    Featured image created with DALL-E, chart from TradingView

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