This Pattern Points To $10,000+ Ethereum Price, But When?
25 Oktober 2023 - 1:00AM
NEWSBTC
This week, Bitcoin and other altcoins livened up the crypto market,
potentially lifting up Ethereum price and saving it from further
collapse. With ETH now moving away from the bottom trend line of a
massive long-term price pattern, the next possible target is the
upper trend line of the same pattern. That target points to $10,000
per Ether, but how long might it take to reach the lofty price
objective? Ethereum Rising Wedge Targets $10,000 Or More For almost
its entire history of price action, ETHUSD has been filling out
what appears to be a massive rising wedge pattern. Such patterns
are predominantly bearish, breaking down roughly 60% of the time.
That leaves 40% of the time that these patterns break upward.
Descriptions of the pattern reveal that wedges are notoriously
prone to false breakouts and/or false breakdowns, where price
violates one trend line, only to reverse and target the other.
Related Reading: Failed Bullish Pattern Could Send Ethereum
Sub-$1000 In the latest case, however, Ethereum is holding the
bottom line. This makes the next logical target the upper trend
line, with at least some probability that it can break upward
still. The trend line, happens to be located at around $10,000 per
ETH currently and rises with each passing day. When ETHUSD touches
the upper trend line is still up for question, but considering the
length of past rallies lasting anywhere between six months to a
year, it may be less of a wait than many expect. Is $10,000 per ETH
next? | ETHUSD on TradingView.com Is This The Beginning Or End of
ETH? Ever wonder why a rising wedge pattern can break upward if it
is a bearish pattern? In Elliott Wave Principle, wedges fall into
the diagonal family of patterns. Diagonals can be leading or
ending, expanding on contracting. A leading diagonal kicks off a
sustained move. It’s wedge-like appearance is deceiving as traders
expect the pattern to break down, yet instead it breaks upward. In
contrast, an ending diagonal finishes off a sustained move. In this
case, the bearish breakdown that should be expected in a rising
wedge plays out. Related Reading: Ethereum News Catalyst Could
Trigger Triangle Breakout To $4,000 Ethereum is potentially in a
massive diagonal pattern, not the rising wedge that it appears.
What we also don’t know is if this is the beginning of a larger
sustained move and a leading diagonal, or the end of the largest
altcoin’s dominance capped off by an ending diagonal. Both patterns
form in a five-wave pattern. Unlike standard Elliott Wave patterns,
diagonals have unique rules. For example, wave 1 must be the
longest, wave 4 must enter wave 1 territory, and wave 5 is the
shortest of the waves. Since this is the last wave and potentially
the shortest of them all, the touch of the upper trend line could
be on the way soon. Tony is the author of the CoinChartist (VIP)
newsletter. Sign up for free. Follow @TonyTheBullBTC &
@coinchartist_io on Twitter. Or join the TonyTradesBTC
Telegram for daily market insights and technical analysis
education. Please note: Content is educational and should not be
considered investment advice. Featured image from Shutterstock,
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