Ethereum (ETH), the second largest cryptocurrency by market capitalization, has experienced another decline in its price. After previously attempting bullish momentum last week, Ethereum is down 2.4% in the past 24 hours, trading at $3,577 at the time of writing.

This decline marks Ethereum’s decline of 26.8% from the record high of $4,878 recorded in November 2021. Despite this, the network’s daily trading volume remains quite high, registering $42.4 billion – a significant augment compared to the end of last month , when volumes fell below $35 billion.

Chart patterns indicate potential growth

While Ethereum’s current price trajectory may seem discouraging, analysts in the cryptocurrency community have expressed optimism about its long-term potential.

Several technical indicators and chart patterns have emerged, leading some analysts to predict a significant price augment for this asset in the coming months.

One notable voice among bullish analysts is CryptoBullet, a widely followed figure in the cryptocurrency space. In recent post on X, the analyst highlighted a “cup and handle” pattern on the monthly Ethereum price chart.

According to CryptoBullet, this pattern suggests Ethereum could surge to novel highs, potentially reaching $6,675. The analyst commented: “Have you seen the monthly chart of $ETH? Bullish AF. This month we will break through the resistance. Target cup and holder – $6,675.

Adding to the optimism, Venture Founder, another prominent analyst, predicted an even more ambitious target for Ethereum.

In a detailed analysis, the venture’s founder noted that Ethereum has been in a “triangular consolidation phase” for the past three years, which is reminiscent of its behavior in 2016-2017.

The analyst predicted that Ethereum could break out of this consolidation and enter a novel pricing paradigm, estimating a target of $15,937 by May 2025. The Venture founder stated: “Base Case: Ethereum will likely repeat this impulsive breakout that occurred in 2016–2017 to shoot for the new ATH.”

3 years of triangle consolidation for #Ethereum AND $ETH it could enter a novel paradigm that it has been consolidating over the last 7 years.

Base case: Ethereum is likely to repeat the impulsive burst that occurred in 2016-2017 to shoot towards a novel ATH.

Target Price: $15,937 by May 2025 pic.twitter.com/3iYZTjG6Lv

— venture founder (@venturefundator) December 2, 2024

The symmetrical triangle pattern is compelling

Clifton Fx, another respected analyst, provided a similar perspective, focusing on the formation of a symmetrical Ethereum triangle observed on a weekly time horizon.

According to Clifton Fx, a breakout from this formation could push the price of Ethereum up to $13,000.

This is in line with broader analyst sentiment that Ethereum’s technical indicators are setting the stage for a significant price rally.

$ETH (Update)

Symmetrical triangle formation on weekly time frame….

If the Upside is broken, the next stop will be 13,000📈#ETH #Ethereum #Crypto pic.twitter.com/DTNlCiNnZx

— Clifton Fx (@clifton_ideas) November 29, 2024

Featured image created with DALL-E, chart from TradingView