The Ethereum price has once again crossed the $4,500 threshold, trading just 9% below its all-time high of $4,946, prompting a surge of bullish predictions for the leading altcoin.
Bullish Reversal For Ethereum Price
Market expert Gert van Lagen took to X (formerly Twitter) to share his insights, suggesting that the Ethereum price is currently following a “textbook” expanding diagonal pattern on its biweekly chart.
As seen in the expert’s chart below, this expanding diagonal pattern is characterized by a series of rising trend lines, indicating a potential reversal from a downtrend to an uptrend.
Over the past month and a half, the Ethereum price has consolidated between $4,200 and $4,600, with a brief drop towards $3,800 on September 25th. This met significant demand, resulting in a swift recovery of the $4,000 support level.
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By connecting the lower points of these downward movements—known as waves 2 and 4—with the upper points of waves 1, 3, and 5, a triangular or diagonal shape emerges.
According to van Lagen’s analysis, this pattern signifies a shift in momentum for the Ethereum price from bearish to bullish, often leading to a significant upward breakout. Bitcoin (BTC) led the market recovery also approaching record levels above $120,000.
Van Lagen noted that Ethereum’s Wave v is nearing completion, supported by a final corrective a-b-c wave. Specifically, Wave a has successfully broken above the crucial resistance level of $3,650, retested it for support in the b wave, and is now poised for the final impulse in wave c, aiming for an ambitious target range of $9,000 to $18,000.
The Path Forward For ETH
Adding to the optimistic sentiment, market analyst Mr. Wall Street has expressed a similarly bullish outlook, asserting that the Ethereum price is on track to reach its final price target for this cycle, estimated between $7,000 and $8,000.
However, both analysts agree that Ethereum’s ability to surpass its previous record near the $5,000 mark will be pivotal as this level is expected to act as a significant resistance barrier should the current recovery continue.
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Looking ahead, market analyst Michael van de Poppe has also weighed in, predicting that the coming weeks will see Bitcoin experience an upward bounce before undergoing a slight correction.
Following this, he anticipates the Ethereum price will begin to gain momentum. “Given that the BTC pair is currently holding up well and has undergone a standard correction, I believe we will see Ethereum pick up steam in the near future,” van de Poppe stated.
Featured image from DALL-E, chart from TradingView.com
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