A YouTube analyst from Discover Crypto has revealed some indicators that suggest Ethereum could experience a massive price increase in the next 12 months. In a recent video, the analyst explained how Ethereum’s past performance could predict its future trend, indicating that a major bull run is imminent.
The analyst used the ETH/USD daily chart on TradingView to show that Ethereum had a long period of horizontal resistance that lasted for about 1,029 days. He said that this resistance was broken in the previous bull cycle, which triggered a fast and furious rally for the leading altcoin.
After overcoming the resistance, Ethereum soared by over 500% in less than five months. He drew parallels between this scenario and the present one, indicating that some crucial factors could lead to a comparable result.
Ethereum Could Reach $10,000 To $12,000 By Sep 2024
The analyst projected that Ethereum’s current sideways movement would last for about 1,000 days, which would end around Sep 2024. He also estimated that by then, Ethereum would be trading at around $3,500. He then showed that if Ethereum followed the same pattern as the previous bull cycle, it could surge by 450%, reaching close to $20,000.
However, the analyst said that he was not expecting Ethereum to rise that much. Instead, he gave a more conservative prediction of a 225% increase for the altcoin, which would put its price between $10,000 and $12,000.
The analyst also used the Relative Strength Index (RSI) momentum indicator to support his analysis. He pointed out that in 2020, Ethereum had a 10-time rally after breaking above the overbought RSI level. He then showed that ETH has just done the same thing, which could mean that it has the potential to soar by 1000%, reaching $22,500.
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The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.
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