Ethereum price is waking up this week and is now trading just slightly below $3.7k.
Popular crypto analyst “Wolf” updated his ETH price outlook in a viral tweet today. He compared Ethereum’s movement to the one XRP holders experienced.
What you'll learn 👉
Analyzing the Patterns
The cryptocurrency market is showing intriguing similarities between XRP and Ethereum’s price trajectories. Both cryptocurrencies have been forming multi-year symmetrical triangles since 2021, creating a compelling narrative of potential breakout movements.
XRP has already made its move, breaking above the $1.00 mark and surging over 200% to a target of $1.8937. This breakout has been sharp and decisive, confirming a bullish continuation after a prolonged consolidation phase. The measured move aligns perfectly with the height of the triangle added to the breakout point.
Ethereum’s Potential Breakout
Ethereum is currently following a similar pattern, testing the upper boundary of its triangle near $3,700. Analysts are watching closely for a potential breakout above $4,000, which could trigger a significant price movement. If this occurs, the measured move could target an impressive $7,700 – mirroring the explosive rally recently seen with XRP.
The technical analysis suggests that Ethereum is at a critical juncture. A confirmed breakout could lead to substantial upward momentum, with the lower boundary of the triangle near $2,800 serving as a critical support level. Immediate resistance lies at $4,000, with $5,000 potentially acting as a psychological barrier during the rally.
Read also: Fantom (FTM) Price Pumps Amid Ongoing Sonic Labs Developments
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