An expert in crypto analysis has identified a rare Golden Triangle pattern on the Ethereum (ETH) chart that has been forming for almost nine years. This pattern has contained the Ethereum price within its boundaries through both bullish and bearish periods.
The analyst predicts that Ethereum is now nearing the apex of the triangle pattern, indicating an imminent breakout either to the upside or downside. Depending on the direction of this breakout, the analyst has forecasted ETH’s next move and potential price target.
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Ethereum Golden Triangle Could Trigger A Surge To $10,000
A market analyst known as ‘Merlijn The Trader’ on X has shared a new Ethereum price analysis, presenting both bullish and bearish scenarios. Merlijn highlighted that Ethereum is currently trading within a Golden Triangle pattern that has maintained its structure since 2017, just two years after the cryptocurrency’s launch in 2015.
The analyst pointed out that the pattern has remained intact through various major events, including the 2020 COVID crisis and the 2022 bear market. Despite these challenges, Ethereum continued to stay within the Golden Triangle, showcasing its resilience.
Merlijn believes that with the approaching apex of the triangle, Ethereum could be on the cusp of a significant breakout from the nine-year formation. He noted that ETH is moving closer to the apex, where breakouts typically occur.
As the price approaches the apex, two scenarios are possible: an upward breakout leading ETH above $4,350 and towards a target of around $10,000, or a downward move below the structure. Merlijn’s bullish case envisions Ethereum continuing its upward trend, potentially reaching a peak above $56,000 by 2028.
ETH Bear Case If Price Breaks Below Triangle
In the bear case scenario, Merlijn The Trader suggests that a break below the triangle could result in a decline towards $1,950. Despite this downside risk, Merlijn remains optimistic about a potential upside breakout.
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Should Ethereum drop to $1,950, it would represent a significant decrease from its current price. However, the analyst maintains confidence in the possibility of an upward breakout.
Featured image from Unsplash, chart from TradingView