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The second largest cryptocurrency by total market value, Ethereum (ETH), may be coming to an end after a period of stagnation. While the overall market was affected by Bitcoin‘s drop to $30,000, the situation is changing. Another important factor for ETH, as important as BTC‘s movements, is historical charts and movements. The good news is that historical data indicates a better situation than ever before.
Acceleration in ETH Price Movements
Famous cryptocurrency analyst Josh Olszewicz made important statements about Ethereum’s price movements. The experienced crypto analyst, who opens parentheses to historical movements and relates them, emphasized that a significant rally is expected for ETH in the coming days.
The analyst stated that Ethereum is currently heading towards an ascending triangle formation and that $3,000 and above are guaranteed. According to the analyst, the journey to prices above $3,000 has been prepared since May 2022. The first stop above $3,000 will be $3,400, and from there, the price will enter a relatively discovery phase.
Olszewicz implied that as long as the price remains above the horizontal support point, there is a chance of an upward movement, and staying below $2,000 for too long could harm the situation.
The analyst reminded that BTC entered a similar formation in 2015/16 and broke records 210 days later, and stated that a similar situation is happening for ETH. According to the analyst, Ethereum also reaped the rewards of the 2017 formation in 2019, and will continue to do so.
Competition between ETH and BTC Continues
The analyst emphasized that the 180-day period is critical, and it is a reminder to investors that when consolidation, decline, and hope end, an upward movement occurs. Speaking about the ETH/BTC pair, the analyst believes that ETH may outperform BTC for a while. This situation has been observed in previous bull markets and has been perceived as a herald of the general bull market. As for BTC, the analyst’s prediction is that it will soon break above $30,000, reach $42,000, and then enter a sideways trend.
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