Ethereum Approaches Potential Five-Figure Territory, Analyst Predicts

Ethereum is entering a critical phase that may see its value reach five figures, according to trader Cantonese Cat. A multi-timeframe analysis suggests Ethereum is overcoming resistance and showing technical signals for potential growth.

Key Technical Signals

  • Ethereum has cleared late-cycle resistances and shows confluence of technical signals favoring higher price targets: $7,752, $9,883, and potentially $14,011.
  • The monthly chart shows Ethereum breaking past the 0.886 Fibonacci retracement level near $4,000, indicating thinning supply at previous peaks.
  • Bollinger Bands are expanding, suggesting trend acceleration rather than mean reversion.
  • The Ichimoku profile indicates a "Katana" pattern, historically linked to significant price moves, currently pushing Ethereum upwards.

Ethereum price targets

Cycle Analysis

  • Weekly analysis frames ETH’s progress through a cycle template, with current consolidation suggesting potential upward movement after retesting key levels.
  • The daily chart shows an "Adam and Eve" continuation pattern within a cup-and-handle structure, signaling bullish momentum.

Ethereum Ichimoku cloud analysis

Lower Timeframes and Market Dynamics

  • On lower timeframes, patterns such as a tweezer bottom and morning star reversal suggest a potential price reversal.
  • The 12-hour chart indicates a Wyckoff reaccumulation pattern, showing strength for further bullish continuation.
  • Relative-strength diagnostics highlight Ethereum's potential to outperform the broader crypto market.
  • Total3 index (crypto market cap excluding top coins) shows potential for forming all-time highs, supporting a risk-on sentiment in the market.

Ethereum cycle liquidity breakout

At the time of reporting, Ethereum is trading at $4,565. Find more details on Ethereum here.