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Ethereum is again looking bullish following its gains of over 17% in the last seven days and the break above $2,500. Analysts have provided a positive outlook for the second-largest crypto by market cap, predicting that its price could soon go parabolic after an extended consolidation period.
Ethereum Primed To Break Out As Price Goes Parabolic
In an X post, crypto analyst Mister Crypto noted that Ethereum has been consolidating for four years and that the longer the consolidation, the bigger the pump. He added that he is extremely bullish, indicating that a breakout was imminent. His accompanying chart showed that ETH could reach a new all-time high (ATH) on this breakout.
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Crypto analyst Skyrexio also asserted that Ethereum will go “insane” soon. In a TradingView analysis, he stated that Bitcoin’s dominance is about to finish the uptrend, which can give ETH a second life. The analyst added that the bounce is already happening, although Ethereum’s price is struggling to break through $2,600.
He admitted that Ethereum could experience a small correction in the upcoming week but assured that the final uptrend has been confirmed. Analyzing ETH’s weekly chart, Skyrexio opined that the crypto is on wave 3 of the Elliott wave structure. The analyst revealed a green dot on the Bullish/Bearish Reversal Bar indicator, which he claimed is a huge confirmation of the bull run.
Skyrexio stated that the target for wave 3 is the 1.61 Fibonacci at $6,500. He told market participants to consider the second scenario, when BTC dominance will reach 67% and ETH will retest the low. Whales are actively accumulating ahead of a potential price surge. Crypto analyst Ali Martinez revealed that nearly 1 million ETH have been withdrawn from exchanges in the past month.
ETH Has Broken Out Of The 3-Year Downtrend
In an X post, crypto analyst Mikybull Crypto revealed that Ethereum has broken out of the 3-year downtrend. He added that from now on, ETH will outperform BTC till the cycle peak. His accompanying chart showed that the altcoin could rally to $9,000 before the end of this market cycle.
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In another post, he reiterated this target while outlining between $8,000 and $10,000 as his targets for Ethereum in this cycle. He noted that ETH is looking to pull 2017 vibes, which is another reason he is confident that the crypto can eventually rally to as high as $10,000. Crypto analyst Titan of Crypto also predicted that the Ethereum price could soon enjoy a parabolic move, rallying to as high as $4,000.
At the time of writing, the Ethereum price is trading at around $2,587, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com