At 9:20 a.m. on the 12th, Ethereum was trading at $2,524 (approx.) on CoinMarketCap, up 39.34% from seven days ago.
This rally is likely due to a fractal pattern and a recovery trend in the RSI (relative strength index) similar to the structure prior to the 2016 and 2020 bull markets.
Its relative strength against major altcoins such as Solana (SOL) and XRP, as well as altcoin seasonal signals, also lend support to this outlook.
Ethereum has bounced off the lower end of its long-term bullish curve (around $2,100) that dates back to 2015. This curve is a key support level that has led to several strong rallies in the past.
If this trajectory continues, the upper boundary is heading towards around $10,000, which has been presented as Ethereum’s long-term price target.
Crypto analyst MilkyBull Crypto said, "We've seen a similar structure forming on the monthly chart, which technically puts 1
"A rise to $10,000 cannot be ruled out," he said. The RSI also rebounded near the 40 support line, which it has held for several years, adding credibility to the bullish scenario.
The relative advantage of Ethereum over Solana and Ripple also increases the possibility of an upswing.
It is showing an ascending wedge pattern against ICO, which is technically considered a bearish reversal signal. XRP is also observing a descending pattern against ETH.
Analyses that capital flows are shifting from Bitcoin to altcoins also support Ethereum's bullish outlook.
Mister Crypto, a cryptocurrency trader, said, "If funds move out of Bitcoin, ETH could surge up to 40% in a day."
From a technical perspective, Ethereum has recovered from the lower support line of a large symmetrical triangle converging pattern that has been in place since 2023 and is now above the long-term indicator 2
The price has successfully bounced off the 00-week exponential moving average (EMA) as support, which is interpreted as a bullish continuation signal. This structure is similar to the bull flag seen in 2016.
The pattern is similar to the 2018-2020 falling wedge pattern, both of which subsequently reached an ATH.
If the upper stage of the triangular convergence is broken again this time, some analysts say it is technically possible for it to reach not only $10,000 but also $20,000.
2025/05/12 10:45 KST
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