Ethereum’s Impending Breakout From Key Chart Pattern Teases A Major Rally To $12,000

In recent market gains, Ethereum seems to be leading the charge, having seen notable gains ahead of major digital assets like Bitcoin, especially in the second quarter of this year. Although ETH’s upward trend has slowed down lately, the asset remains primed for a major rally as many crypto analysts anticipate a move to historic levels.

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An Explosive Rally To A New All-Time High For Ethereum

After its brief recovery on Wednesday, Ethereum has reclaimed the $2,600 price level. An analysis of the recent price action from Captain Faibik, a crypto expert and investor, reveals that ETH is drawing closer to a pivotal moment as it gears up for a significant breakout from a key chart pattern.

On the 1-month time frame chart, ETH has formed a multi-year Symmetrical Triangle Pattern that signals the continuation of the previous trend before consolidating. Looking at the chart, this key chart pattern has been developing since the last bull market cycle in early 2021.

According to the expert, the altcoin is consolidating, but inching closer to the apex of the multi-year triangle pattern. With bullish momentum gradually building, Captain Faibik believes that a breakout from the formation could occur in the next 1 to 2 months following years of sideways and choppy price action.

As long as Ethereum is in the triangle structure, the expert claims that now is the ideal moment to accumulate as many coins as possible, as he foresees a substantial rally to a new all-time high. “Remember one thing, once the train slips out of your hand, it won’t come back,” he added.

While Captain Faibik anticipates a major upward move, he noted that a monthly close above the $3,500 price mark would confirm a breakout from the multi-year setup. When this breakout takes place, ETH is likely to rally sharply, with the expert placing his long-term target at the $12,000 milestone.

Impulsive Waves Zone Leads To This Cycle’s Peak

With Ethereum entering the impulsive waves zone as reported by Trader Tardigrade, this impending uptrend could surpass this level and reach a market top of $18,000. Trader Tardigrade’s bold prediction hinges on a previous scenario, particularly in the 2021 cycle, where this price trend sparked a massive surge to the current all-time high.

ETH’s entrance into the impulsive wave zone suggests that the next big surge for ETH may already be underway. As the market shifts, technical expert, Crypto Elites, also predicts an impending explosive upward move to the $15,000 milestone, spotting a multi-year ascending trend line.

At the time of writing, Ethereum’s price has dropped by nearly 1% in the last 24 hours and was trading at $2,606. Investors’ sentiment is slowly improving as trading volume has briefly risen by over 5% in the past day.

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Featured image from Getty Images, chart from Tradingview.com

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