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- Analysts revealed a pattern on the Ethereum price chart that could signal the beginning of a significant rally.
- According to the hosts, a similar pattern in 2020 led to a 1,000% rally on the flagship altcoin.
- The analysts showed that after 600 days, ETH’s price has broken out of an ascending triangle.
Discover Crypto YouTube channel hosts have revealed a pattern on the Ethereum price chart that could signal the beginning of a significant rally. According to the hosts, a similar pattern in 2020 led to a 1,000% rally on the flagship altcoin.
In a recently uploaded video, the Discover Crypto hosts showed that after 600 days, ETH’s price has broken out of an ascending triangle. One of the hosts noted that the signal indicated that altcoins are starting to see increased volume. He also saw it as an indication that a bullish market for altcoins is about to kick in.
From Ethereum’s current price of around $2,500, a 10x return would see the top altcoin head towards $25,000. However, the hosts suggested that psychological barriers could affect ETH’s price development. One of the hosts noted that most users could target $10,000 for Ethereum by 2025.
Despite the potency of psychological barriers in the market, another host on the show noted that a $20,000 target is achievable for Ethereum by 2025. He cited the Bitcoin example of 2017, when most users thought BTC would not climb above $10,000. The market proved them wrong, with Bitcoin surging to $20,000 in a couple of months.
While acknowledging the possibility of Ethereum reaching higher targets, the initial host noted that the arrival of layer-two blockchain could distract ETH. According to the host, the new protocols compete with Ethereum, even in market share. Hence, they could impact Ethereum’s growth significantly.
The second host thinks the so-called competitors employ systems that support ETH’s growth despite posing some competition. He noted that most of them actively burn ETH, contributing to Ethereum’s deflationary characteristics.
Ethereum traded for $2,468 at the time of writing. The top altcoin rose to $2,717 after the Bitcoin ETF approvals but has retraced to its current level, according to data from TradingView.
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