- Ethereum breaks 4-year bullish megaphone pattern.
- This move hints at ETH working its way to securing higher ATH targets.
- In detail, the price of ETH could hit the next ATH price between $6,800 to $7,000.
Pioneer altcoin Ethereum (ETH), signals strong bullish indicators that could lead to a significant price pump in the coming days ahead. In particular, one reputed analyst notices how Ethereum breaks 4-year bullish megaphone pattern, signaling $6,800 – $7,000 ETH ATH prices to be the next bull targets for the asset. Moreover, he expects this target to arrive much sooner than expected.
Ethereum Breaks 4-Year Bullish Megaphone Pattern
The price of ETH, according to CoinMarketCap analytics, is currently trading at the $4,600 price range, signaling that the pioneer altcoin asset is up by 4% in the last 24 hours. It also shows that the asset is just under a 7% pump away from its latest ATH target set 3 days ago at $4,953. Presently, ETH boasts a total market cap of $556,811,719,880.78 and a 24-hour trading volume of $49,718,593,900.58.
Over the past few weeks the price of ETH has shown a lot more promise than the price of BTC. With Bitcoin Dominance falling, it is no surprise to many to see ETH steadily outperform the pioneer crypto asset. In fact, some see this as a strong sign for altseason’s peak phase to arrive, as several promising altcoins mirror ETH’s lead in dominating the market and outperforming BTC.
One of the biggest bull signals in the market is how the price of BTC went on to set a new ATH price in the $124,000 price range and has since sunk to the $110,000 price range, in a continuing decline in value. Moreover, analysts expect this decline to continue on, allowing BTC to experience a deep correction until the asset closes its CME Gap in the $93,000 price range. Meanwhile, ETH price set a new ATH, dipped in price, and bounced back much faster.
$6,800 to $7,000 Set as Next ETH Bull Target
To elaborate, the price of ETH set a new ATH in the $4,900 price range, before dipping as low as $4,100 and steadily reclaiming higher prices from $4,400 to $4,600, where the asset is currently trading. According to Bitmine Immersion’s Tom Lee, a dedicated Ethereum advocate, ETH was expected to bottom yesterday, meaning that the pioneer altocin asset is pumping towards setting a new ATH target soon.
As we can see from the post above, the chart accompanying the observation showcases how ETH has broken out of a 4-year bullish megaphone formation, resting clean, and structured to hit its next ATH price at the $6,800 to $7,000 price range. He also considers how ridiculous it is to see traders panic-selling amid the BTC dip and concludes by saying ETH will only move towards higher targets.
