Ethereum continues to make waves in the broader cryptocurrency sector, even with its price falling below the $2,700 level once again as Thursday drew to a close. In recent weeks, ETH has shown notable bullish action, and several crypto analysts are highlighting its potential for a huge upward move toward higher levels in the short term.
Crucial Zone To Lead Ethereum To A New Peak
Given the current market weakness, Ethereum has lost some of its upward momentum after facing resistance at $2,800. Despite this brief pullback, ETH’s recent trend is pointing to a major rally, indicating an extension of the ongoing uptrend.
A seasoned crypto expert on the X platform, Trader Tardigrade, examining the price action, has forecasted a surge to a new all-time high. According to the technical analyst, Ethereum is currently navigating a critical technical zone that may serve as the impetus for one of its biggest rallies ever.
Examining the chart, this crucial zone is referred to as the Impulsive Waves zone. The expert is confident that ETH may be gearing up for a powerful surge to a new peak, as this zone has historically preceded massive upward breakout moves.Â
Following a robust recovery in the last cycle, defined by a huge drop and a swift rebound, the expert claims that ETH is now entering the impulsive waves zone. Since the impulsive waves zone is known for its notable bullish influence on price, its recent emergence implies that ETH’s next major move might already be in motion.
With momentum building and Ethereum challenging key resistance levels, Trader Tardigrade foresees a substantial upward move to the $18,000 milestone, representing a nearly 700% rally from current price levels. The chart shows that the altcoin is likely to reach this untouched level by the second half of next year.
Is ETH Taking Over The Crypto Market?
Trader Tardigrade’s forecast could be backed by the fact that the market is slowly shifting towards an Ethereum season. A look at the ETH/BTC chart reveals that Ethereum is gaining bullish momentum as the pair rebounds from its monthly support level of 0.018.
Additionally, ETH’s price is forming a Bull Flag formation on the daily chart. A bull flag formation is a technical pattern that typically precedes a continued upward trend, suggesting that the altcoin’s bullish run is not yet over. When ETH breaks out from the bull flag pattern, the expert hints at a huge spike in price to the $4,000 mark.Â
Crypto analysts like Javon Marks have predicted a sustained uptrend after hitting this key level last seen in December last year. As indicators align toward a rally, Javon Marks believes the next target for the altcoin is $4,811. The expert anticipates another +78% upside from this zone, pushing ETH to $8,500 and beyond.
Featured image from Getty Images, chart from Tradingview.com
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