The cryptocurrency market was energised this week by Bitcoin and other altcoins, which may have helped to stabilise Ethereum’s price and prevent further declines.
The next potential objective for ETH is the upper trend line of the enormous long-term price pattern, since it is now moving away from the bottom trend line of that structure. That goal indicates that Ether should cost $10,000, but how long will it take to hit that ambitious price point?
When Will Ethereum (ETH) Reach $10,000? Pattern Analysis,When Will Ethereum (ETH) Reach $10,000? Pattern Analysis
The Rising Wedge of Ethereum Aims for $10,000 or More
In practically all of its price history, ETHUSD has been completing what seems to be a gigantic rising wedge formation. These patterns break down around 60% of the time and are primarily bearish.
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This means that these patterns break upward 40% of the time. Wedge patterns are infamous for their propensity for false breakouts and/or false breakdowns, in which price breaks one trend line but then reverses and targets the other.
But in the most recent instance, Ethereum is maintaining the lead. Given this, the upper trend line is the next obvious objective, and there’s a chance it may break higher even farther. The trend line is currently rising with each day, and it is situated around roughly $10,000 per ETH.
It remains to be seen when ETHUSD breaks above the upper trend line, but given the duration of previous rallies, which might range from six months to a year, it could not be as long as many anticipate.
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Have you ever wondered why, despite being a bearish pattern, a rising wedge pattern may break upward? Wedge patterns belong to the diagonal family in the Elliott Wave Principle. Expanding on contracting, diagonals can be leading or finishing.
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A continuous motion begins with a leading diagonal. Its wedge-like look deceives traders because they anticipate an upward break when the pattern should break downward.
On the other hand, a prolonged motion is concluded with an ending diagonal. The bearish breakdown that one would anticipate in a rising wedge occurs in this instance.
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