Ethereum’s Triangle Breakout Could Lead to $10,000 Surge

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The price of Ethereum is indicating a possible breakout following recent price trends. As noted by Trader Tardigrade, a cryptocurrency analyst on X (formerly Twitter), Ethereum might reach new all-time highs around $10,000 if it successfully breaks out of its current symmetrical triangle pattern.

ETH Triangle Breakout Aims for $10,000

Trader Tardigrade has forecasted a new price target of $10,000 for Ethereum based on an ascending trendline and symmetrical triangle pattern. Specifically, the analyst confirmed that Ethereum has been following a prominent ascending trendline and is currently forming a critical symmetrical triangle pattern, which typically suggests an upcoming price breakout.

In light of these trends, Trader Tardigrade pointed out that, historically, Ethereum has seen significant rallies to new highs following breakouts from symmetrical triangle formations. The analyst shared a price chart of Ethereum to illustrate this trend, indicating that from June 2022 to the present, the price of Ethereum has broken out of multiple symmetrical triangle formations while adhering to an ascending trendline.

Ethereum price

Prior to April 2023, the price of the cryptocurrency broke out from a symmetrical triangle, which resulted in a substantial 70.73% price rise to new highs. Similarly, from about October 2023 to early 2024, the cryptocurrency experienced its second breakout, leading to an impressive 140.4% price increase.

Considering these historical bullish patterns, Trader Tardigrade noted that Ethereum is on the verge of its third breakout from the current symmetrical triangle pattern. In the previous breakout, the cryptocurrency’s gains doubled, rising 70% from the first breakout to 140%.

With this context, the analyst anticipates that this upcoming breakout could yield a 280% price surge for Ethereum, doubling its 140% increase from the second breakout. If Ethereum follows through with this projected 280% gain, its price could potentially reach $10,000.

Update on Ethereum’s Price Action

Despite optimistic forecasts indicating that Ethereum might be set to hit new all-time highs, the cryptocurrency has faced considerable downward pressure, suffering significant declines and slow growth. This is disappointing for Ethereum investors, as the cryptocurrency has fallen again by 2.20% in the past 24 hours, following a 4.1% decline over the last week, according to CoinMarketCap.

The continued decline of Ethereum has sparked considerable criticism among the crypto community, with analysts classifying it as one of the most underperforming assets in the recent market cycle. Meanwhile, other crypto community members underscore how disappointing the cryptocurrency’s recent price performance has been.

As of this writing, the price of Ethereum is at $2,517, with several indications that the cryptocurrency might fall further and could potentially trigger a decline for other altcoins in the market if it fails to hold the 0.038 BTC/ETH level.