The Ethereum price signals a potential breakout based on recent price movements. According to Trader Tardigrade, a cryptocurrency analyst at X (formerly Twitter), Ethereum’s value could reach a up-to-date all-time high of around $10,000 if it manages to successfully break out of its current level symmetrical triangle formation.

The goal to break the ETH triangle is $10,000

Trader Tardigrade yes predicted Ethereum will be next Target price up to $10,000 based on an ascending trend line and a symmetrical triangle pattern. More specifically, the analyst confirmed that Ethereum price has followed a clear ascending trendline and is currently forming a key symmetrical triangle pattern that often indicates imminent price break.

In delicate of these events, Trader Tardigrade revealed that Ethereum has experienced explosive gains to up-to-date highs in the past after breaking out of symmetrical triangle patterns. Sharing an Ethereum price chart confirming this observation, Trader Tardigrade revealed that from June 2022 to the present, Ethereum price has broken out of multiple symmetrical triangle formations while playing on an ascending trendline.

Before April 2023, the price of the cryptocurrency broke out of a symmetrical triangle, leading to a massive price augment of 70.73% to up-to-date highs. Similarly, from around October 2023 to early 2024, the cryptocurrency experienced a second breakout, causing a massive price augment of 140.4%.

Based on these historical growth trendsTrader Tardigrade noticed that Ethereum is approaching a third breakout from its current symmetrical triangle pattern. During its most recent breakout, the cryptocurrency doubled its gains, jumping 70% from its first breakout to 140%.

With this in mind, the analyst predicted that the next breakout could send Ethereum’s price up 280%, doubling the 140% gain from the second breakout. Moreover, if Ethereum’s price increases by the projected 280% augment, then its price could potentially reach $10,000.

Ethereum price action update

Despite bullish forecasts suggesting that Ethereum may be preparing to hit up-to-date all-time highs, the cryptocurrency is trading below significant downward pressureexperiencing significant declines and sluggish growth. To my horror Ethereum investorsAccording to CoinMarketCap, the cryptocurrency is down 2.20% again in the last 24 hours, after falling 4.1% over the past week.

Ongoing Ethereum drop it also sparked significant backlash from many members of the crypto community and analysts classification they were considered among the assets that performed the weakest in the previous market cycle. While other crypto members to underline how disappointing cryptocurrency price performance has been lately.

At the time of writing, Ethereum is trading at $2,517 and a lot of it anticipation that the cryptocurrency could fall even lower and maybe trigger deterioration of the situation of other altcoins in the market if it fails to maintain the level of 0.038 BTC/ETH.

Featured image created with Dall.E, chart from Tradingview.com