The cryptocurrency Ethereum, which currently has a market capitalization of nearly $250 billion and stands as the second largest currency by market size, is showing signs of a potential rise. Analysts have identified a bullish triangle pattern on the Ethereum chart, which has been forming since mid-2022 after the collapse of Terra. This pattern suggests that if Ethereum can break through the key resistance level above $2,100, and especially if it crosses the $2,200 mark, it could trigger a significant rally towards its all-time high at $4,800.
The current price of Ethereum is hovering around $2,047, which is well below its peak. However, the cryptocurrency saw a notable increase of 16.53% over the past month, as it managed to cross the important $2,000 threshold, which now acts as a support level. Anticipation is growing as the pattern points to a potential upside, although this upside is expected to develop no later than 2024.
Investors and traders are closely monitoring Ethereum's movements, as crossing the $2,100 resistance could signal the start of an uptrend, which could see its value double from its current price. The market is closely monitoring Ethereum's performance, taking into account the long-term pattern and recent momentum that may indicate a change in the digital currency's trajectory.
