Ethereum price could be poised for a historic rally, according to crypto analysts, using technical analysis to push up to $10,000 per ETH from the cryptocurrency's current price of $2,570. It has been pointed out that it will rise to
After breaking out of an uptrend line pattern formed by symmetrical triangles, analyst Trader Tardigrade wrote in a post to his more than 60,000 followers on microblogging platform X (formerly Twitter) , predicted that Ethereum's price could reach a high of $10,000.
The trader noted that the first time Ethereum price broke out of such a structure, it rose 70%, but the second time it rose 140%. The analyst wrote that if a third breakout occurs, the price could rise 280% to $10,000 per ETH based on the previous rally and each incremental growth.
A symmetrical triangle pattern is formed by drawing trend lines along converging price bands, one declining and the other rising. According to Investopedia, to confirm a valid break rather than a false break, traders should look for a spike in volume and at least two consecutive closes above the trend line.
A symmetrical triangle usually indicates that price continues in the same direction as before the triangle was formed. Therefore, if a symmetrical triangle follows an uptrend, traders expect the price to break upwards.
As CryptoGlobe reported earlier this month, Matthew Siegel, head of digital asset research at global investment firm VanEck, noted that his firm's 2030 price target for ETH is $22,000. He acknowledged that changes in Ethereum’s fundamentals suggest that the valuation model needs updating.
Sigel said that in the original model, the Total Value Locked (TVL) was split 50:50 between Ethereum and L2, and the Maximum Extractable Value (MEV) was also split 50:50, with 0.10 per year of TVL. It was estimated that %.
In his words, there are significant differences in the distribution of transaction revenue between Ethereum and L2. While the original model assumed a 90:10 split in favor of Ethereum, the actual split for the past four months has been 10:90 in favor of L2.
Siegel said this change shows that L2 is capturing significantly more value from Ethereum than originally expected. He further stated that if this 10:90 split holds, VanEck's ETH price target will fall by two-thirds.
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