The Ethereum price has formed a wedge pattern, which often signals potential price increases. A well-known crypto analyst believes that if the price breaks above this level, Ethereum (ETH) could rise to its previous all-time high, with an expected increase of 45%.
A falling wedge pattern indicates a positive sign. It shows that the price momentum is slowing down, meaning that buyers might start to take control.
Wedge Breakout Could Push Ethereum Price to $4,800
Ethereum ($ETH) is showing signs of an imminent breakout. With over 52k followers on X, Crypto analyst JAVON MARKS is eyeing a potential 45% rally above its previous all-time high in the $4,800 range.
The tweet points out that $ETH stabilizes in a wedge or flag-like pattern, which usually signals that the price will continue to rise. As the price gets close to the breakout point, momentum traders are observing for signs of a lasting upward trend.
The chart supports this optimistic view, showing a series of higher lows. This suggests that people are buying and that support is growing. Buying pressure could increase if $ETH breaks out of the wedge, pushing the price past key resistance levels.
This price pattern resembles past events when Ethereum saw strong price increases after similar consolidations.
As such, if the Ethereum price breaks out of its current range, technical indicators suggest it could head toward $4,800, matching its all-time high. However, traders are being careful and looking for confirmation through increased trading volume and shifts in market sentiment.
Macroeconomic factors and investor confidence will also play a role. Ethereum’s next steps could influence the larger cryptocurrency market in the months ahead.
ETH Price Today
The Ethereum price is trading at about $3,267.88 per ETH, up 6.22% in the last 24 hours. Meanwhile, the price of Bitcoin (BTC) has risen over 3% and has returned to the $106k level after staying around $100k for several days. Data also shows that the global crypto market cap has risen by 4.54% in the previous 24 hours.
According to CoinMarketCap, Ethereum’s (ETH) trading volume has increased by over 25% in the past 24 hours. The second-largest cryptocurrency has seen a trading volume of $24.8 billion since the last day.
However, while the Ether price has risen 37.46% in the last year, it is still 33.25% below its $4,891.70 all-time high recorded in November 2021. Ether shows lesser price movements than other coins, including Bitcoin, which has already surpassed its 2021 all-time high level.
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