(MENAFN- crypto Breaking)
A technical pattern identified by crypto analyst Kartik suggests a potential breakout looming for the Ethereum price, with new price targets on the horizon.
Ethereum Price Forms Flag And Pole Pattern
According to Kartik's analysis on TradingView , Ethereum has formed a flag and pole pattern, hinting at a possible breakout. This formation coincides with a downtrend from the $4,100 resistance level. Kartik outlined key support at $2,800 and advised caution before making any trading decisions.
Kartik highlighted the likelihood of a positive move following a breakout above the trendline or at the $2,800 level. The analyst's chart projected a potential rally to $3,600, possibly reaching $4,000 with resistance expected at $4,100 before a further surge to $4,400.
Another crypto analyst, Titan of Crypto, shared a bullish sentiment, anticipating an imminent breakout for Ethereum . The market outlook suggests a potential rally towards $4,000 according to Mikybull Crypto.
ETH To Reach $5,000 Thanks To These Fundamentals
In a recent post, analyst Ted predicted Ethereum reaching $5,000 before April, attributing this surge to fundamental factors. These include increasing institutional interest, highlighted by Trump's World Liberty Financial staking ETH , and the upcoming Etherealize launch expected to attract more institutional investments.
Additionally, the impending Pectra upgrade in March 2025 is anticipated to bring significant changes to Ethereum . Ted emphasized the current low sentiment as a favorable indicator for a potential market reversal.
At present, Ethereum is trading around $3,130, showing a 6% decline in the past 24 hours based on data from CoinMarketCap .
Crypto Investing Risk Warning
Crypto assets are highly volatile. Your capital is at risk.
Don't invest unless you're prepared to lose all the money you invest.
This is a high-risk investment, and you should not expect to be protected if something goes wrong.
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