Ethereum Price Breakout Could Lead to $18,000 Target
Crypto analyst BallaJi has analyzed the potential for Ethereum's price to reach $18,000, emphasizing a bullish outlook following its recent breakout above $4,000. This marks the first time Ethereum surpassed this level since March of this year.
Ethereum Price Projections
BallaJi's analysis on TradingView suggests that the price could reach $18,000 based on logarithmic projections. He noted that while significant price movement may not occur until after 2025, the completion of a bullish pattern could lead to this target later in the decade. Achieving this price would give Ethereum a market cap of approximately $2 trillion with a circulating supply of 120.44 million ETH.
BallaJi identified three logarithmic targets: $3,818, $6,236, and $18,000. The price has recently reached and retested the first target at $3,818.
The next linear target identified by BallaJi is $5,193, which would establish a new all-time high (ATH) for Ethereum, surpassing the current ATH of $4,800. Following this, a target of $7,299 is anticipated, which could facilitate movement toward the $18,000 mark, although the timeline remains uncertain.
Countdown to New All-Time High
Analyst Justin Bennett stated the countdown to a new ATH for Ethereum has commenced, suggesting that ETH could rapidly exceed $5,000 if it breaks several resistance levels. His chart indicates that surpassing $5,000 could lead Ethereum toward $6,300.
Another analyst, Titan of Crypto, also anticipates an imminent rally to $5,000, noting that Ethereum’s market structure resembles Bitcoin’s from recent weeks. He believes that $5,000 is the minimum target, with potential for higher prices.
Currently, Ethereum is trading around $3,980, reflecting nearly a 3% increase over the last 24 hours, according to data from CoinMarketCap.
