The crypto analyst BallaJi has provided insights on how the Ethereum price breakout may occur and even increase the possibility of ETH reaching $18,000. Ethereum currently has a bullish outlook, after recent break above $4,000 for the first time since March this year.
How the price of Ethereum could reach $18,000
In a Trade View postBallaJi predicted that the price of Ethereum could reach $18,000. The crypto analyst explained that based on logarithmic projections, the measured movement of this HVF could send Ethereum to the target. He issued a warning, saying that the price rally to the target in 2025 may not happen.
However, he is confident that if this supportive pattern is completed, Ethereum price could reach this $18,000 price target later this decade. A rally to this price target would give Ethereum a market cap of around $2 trillion based on its circulating supply of 120.44 million ETH.
Meanwhile, BallaJi pointed three logarithmic targets on the chart, with $18,000 as the third and final target. The first and second targets are $3,818 and $6,236 respectively. In an update on the trading situation, the crypto analyst noted that the price of Ethereum has reached, broken, and reconfirmed the first target at $3,818.
With the trade now active, BallaJi provided an insight into how the price of Ethereum could continue this upward trend using linear trend indicators. The accompanying chart showed that the next linear target is at $5,193; rallying to that target would mark a novelty all time high (ATH) for ETH, with its current ATH at $4,800.
Meanwhile, the next serial target is at $7,299. BallaJi's chart showed that the price of Ethereum should hit these price targets by next year. A rally to the $7,299 target could then pave the way for ETH to reach $18,000, although the analyst has already warned that it may not happen in 2025.
Countdown to a new ATH has begun
In post X, crypto analyst Justin Bennett says that the countdown to a new ATH for the price of Ethereum has begun. According to the analysis, ETH could quickly rally above $5,000 as it breaks several levels this week. The analyst's accompanying chart showed that the quick rally above $5,000 could lead Ethereum to hit $6,300.
Crypto analyst Titan of Crypto also expect the Ethereum price rally to $5,000 is imminent. He said that ETH's market structure mirrors that of BTC in recent weeks. He said that the $5,000 target is just the minimum because he believes Ethereum will likely go higher.
At the time of writing, the price of Ethereum is trading at around $3,980, up nearly 3% in the last 24 hours, according to data from CoinMarketCap.
Source link
