Ethereum Price Projected to Reach $9,000 Following Broadening Wedge Retest
Ethereum's price recently retraced, losing some gains from a previous rally. Despite this, analysts predict a potential rally towards an all-time high of $9,000, based on the completion of a Broadening Wedge formation.
Key Insights
- Technical analysis by Gert van Lagen indicates Ethereum may be poised for a breakout targeting $9,000.
- The price chart shows a successful breakout above resistance, with current retests potentially confirming support.
- Historically, the Descending Broadening Wedge pattern has resolved upward 67% of the time, suggesting bullish momentum.
- The projected upside is around 79% from the breakout point.
- Previous similar patterns in Bitcoin indicate potential for significant upward movement for Ethereum as well.
Outlook for August
- Analyst ‘Crypto GEMs’ expects Ethereum to surpass $5,000 by the end of August.
- Current trading price is approximately $3,554, down from July highs of $3,900.
- The recent decline is viewed as a buying opportunity by some analysts.
