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With momentum rising in the general market, many major crypto assets like Ethereum have moved towards the upside. as a result of, Optimism about ETH The short-term rally has seen a notable rise among cryptocurrency enthusiasts, attributing the long-awaited move to trends of the past cycle.
A significant rise in the price of Ethereum is expected in January
As the new year begins, market expert and trader EtherNational takes a deep dive into Ethereum’s recent price movement, Highlight Bullish outlook. After examining the movement of ETH on the monthly time frame, the expert confirmed that the altcoin could be preparing for a significant price rise in January.
Ether Naysonal made a bold forecast, citing historical price trends that point to a bull month for ETH. The expert points out this Ethereum It has previously shown positive intra-month momentum during similar market cycles, with a sustained upward trajectory punctuated by notable rises.
As ETH approaches critical levels, Naysonal believes this bullish strength could point to a parabolic path coming in January. Drawing attention to previous trends, Ethereum began its parabolic rally in January 2021 after a successful retest in December 2020.
It is worth noting that this development sparked a significant rise for ETH, reaching… New all-time high And the top of the market in the 2021 cycle. Although the monthly chart reflects the same pattern, Naysonal suggests a similar rise in prices to start during the month, perhaps to the $9,500 level.
If previous trends repeat, $9,500 could turn out to be the highest level of this market cycle. Meanwhile, market watchers are monitoring several trends and indicators in order to gauge ETH’s next path as the bull cycle extends.
ETH’s path to $6,000 remains intact
Delving into ETH’s performance, Ali Martinez, a technical analyst and on-chain communicator, did just that anticipation Rising to a new all-time high at $6,000. His prediction comes as the altcoin faces extreme volatility, slowing the long-awaited rally.
Ethereum’s path to the $6,000 level is being reinforced by the formation of an ascending parallel channel, a key pattern indicating bullish momentum. The parallel upward channel is Upward price movement It exists within two parallel upward sloping lines marked by higher highs and higher lows.
It is important to note that Ethereum has been trending within a bullish parallel channel since 2022, with each bounce from the lower limit leading to a notable rise. According to Ali Martinez, Ethereum The pair continues to hold strong within the critical chart pattern despite the volatility. As a result, it is expected to move towards the $6,000 level in the near term.
At the time of writing, ETH is trading at $3,668, slowly approaching $3,700 with a 1% increase over the past 24 hours. Investor sentiment It weakened as shown by only 0.15% in its trading volume in the past day.
Featured image from Unsplash, chart from Tradingview.com
