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Ethereum has been creating excitement in the cryptocurrency world as its price has managed to stay above $3,000 recently. For the first time since January 2022, the price has surpassed the $3,100 level. This milestone has triggered a flurry of commentary from analysts. The latest remarks on ETH‘s price come from cryptocurrency analyst Trader Tardigrade. Let’s take a look at the analyst’s comments and his price target for the cryptocurrency Ethereum.
Analyst Examines Ethereum’s 2019 and 2021 Patterns
Analyst Trader Tardigrade suggests that Ethereum (ETH), the leader of altcoins, reflects patterns observed between the years 2019 and 2021. There is a reason for the analyst to make such an observation. This observation follows significant developments such as the formation of a golden cross in the MACD metric and the emergence of a long monthly candle after a channel breakout.
According to analyst Trader Tardigrade’s analysis, the recent appearance of a long monthly candle indicates potential for an upcoming bullish momentum. Following this bullish signal, the analyst focuses on the levels that altcoin Ethereum could potentially reach.
Analyst Predicts Over 10 Months of Bull Run for ETH
Analyst Trader Tardigrade anticipates a bullish trend lasting over 10 months going forward. This forecast suggests that Ethereum is ready for a sustained upward movement in the market. If altcoin Ethereum achieves the rise indicated by the analyst, the cryptocurrency ETH could potentially move towards the $7,600 level.
Such a price increase would mean a 2.5-fold rise for ETH, currently the second-largest cryptocurrency by market value. The price increase would also bring Ethereum’s market capitalization to approximately $915 billion. Ethereum currently has a market value of $366 billion.
The analyst’s price evaluation, drawing parallels with the past, can be considered in terms of historical repetitions. However, it is important to remember that historical patterns do not always yield similar results. For altcoin Ethereum to reach a price tag of $7,600, the total market value of the cryptocurrency world would need to exceed $5 trillion. This figure is certainly not out of reach for ETH and could be attainable during a bull season.
