Ethereum, the second-largest digital asset, is currently experiencing a notable downswing in the market, falling to multiple support levels. However, recent developments on its chart suggest that the altcoin may be gearing up for a major rally that could potentially send ETH to a new all-time high in the coming months.
One key breakout that is driving Ethereum’s next big move is the massive Triangle formation that has been developing for over 2 years. Market expert Captain Faibik pointed out that ETH has undergone a critical chart pattern breakout, signaling a significant change in market momentum and raising the possibility of a powerful rally. Faibik believes that the 2024-2025 ETH bull run has officially begun and expressed confidence in the asset reaching new all-time highs, with a mid-target set at $10,000.
Despite some market volatility for Ethereum, Captain Faibik’s analysis suggests that the fundamentals are in place for ETH to reach this critical price point. He advises investors to hold on to their ETH holdings firmly, as a major rally is on the horizon.
In comparison to Bitcoin, Ethereum has been lagging behind in price performance in recent days. However, technical analyst and trader Crypto Jelle reassures investors that this is normal, citing past cycles where Ethereum only entered price discovery after Bitcoin surged past its previous cycle high. Jelle believes that a similar development could unfold in the ongoing cycle, with Bitcoin outperforming ETH at the moment.
At the time of writing, ETH was trading at $3,656, indicating a slight decline in the past day. This recent price drop has affected investor sentiment, with ETH’s market cap and trading volume decreasing by more than 2% and 21% respectively in the last 24 hours.
Overall, while Ethereum may be facing some challenges in the market currently, experts like Captain Faibik and Crypto Jelle remain optimistic about its future potential for a major rally and new all-time highs. Investors are advised to monitor the market closely and hold on to their ETH investments for potential gains in the near future.