In the face of weakening market dynamics, Etherthe second-largest digital asset is showing a noticeable decline, dropping to multiple support levels. However, given the recent events cited in the chart, the altcoin could witness a major rally that could push ETH to a modern all-time high in the coming months.
A key breakout that will lead to Ethereum’s next massive move
Delving into the current Ethereum price action, Captain Faibik, an expert and market enthusiast, he noticed that ETH has undergone a critical breakout on the chart, raising hopes among investors for future price behavior an unprecedented level.
This key chart pattern is a powerful Triangle formation that has been developing for over 2 years. In particular, this breakout in the massive Triangle pattern indicates a significant shift in market dynamics and increases the likelihood that Ethereum is gearing up for a massive rally.
Given the scale of the breakout, Captain Faibik says the 2024-2025 ETH bull market has officially begun, expressing his confidence in the development that will push the asset towards modern all-time highs. As a result, the market expert believes that the average target for altcoins was set at $10,000.
According to Captain Faibik, ETH’s path to the $10,000 milestone is programmed, citing key technical indicators that reflect bullish sentiment as the digital asset breaks significant levels resistance levels and lays the foundations for further price jumps.
While there is some volatility in the Ethereum market, Captain Faibik’s claims may suggest that there are fundamentals in place that will allow ETH to approach this critical price point. He, therefore, urged investors not to get shaken by the current market trend and hold tight to their ETH holdings because significant rally is on the horizon.
ETH price lags behind Bitcoin
Ethereum has seen negative movement over the past few days, creating uncertainty among investors and traders. However, according to Crypto Jelle, a technical analyst and trader: he statedcompared to the largest cryptocurrency asset, Bitcoin, there is nothing to worry about.
According to Jelle ETH currently lagging behind Bitcoin, which is “completely normal.” Turning attention to the last cycle, the analyst emphasized that it was only after Bitcoin surged 100% from its high in the previous cycle that ETH began its price discovery, and from that point on, Ethereum was unstoppable. Jelle believes that with Bitcoin surpassing ETH, a similar development could occur in the current cycle.
At the time of writing, ETH is trading at $3,656, indicating a decline of over 2% over the past day. This recent price decline has weighed on investor sentiment as market capitalization and trading volume have fallen by over 2% and 21%, respectively, in the last 24 hours.
Featured image from Unsplash, chart from Tradingview.com
