Ethereum Poised for 350% Rally to $12,000 as Bullish Momentum Builds

Ethereum has been a standout performer in the recent market gains, particularly in the second quarter of this year, outpacing major digital assets like Bitcoin. Despite a recent slowdown in its upward trend, the asset is poised for a significant rally, according to many crypto analysts who anticipate a move to historic levels.

Following a brief recovery on Wednesday, Ethereum has reclaimed the $2,600 price level. Captain Faibik, a crypto expert and investor, analyzed the recent price action and noted that Ethereum is approaching a critical juncture. The asset is on the verge of a significant breakout from a key chart pattern, which has been developing since the last bull market cycle in early 2021. This pattern, a multi-year Symmetrical Triangle Pattern, signals the continuation of the previous trend before consolidating.

Captain Faibik believes that Ethereum is consolidating but is inching closer to the apex of the multi-year triangle pattern. With bullish momentum gradually building, he anticipates a breakout from the formation within the next 1 to 2 months, following years of sideways and choppy price action. He advises that now is the ideal moment to accumulate as many coins as possible, as he foresees a substantial rally to a new all-time high. "Remember one thing, once the train slips out of your hand, it won’t come back," he added.

Captain Faibik anticipates a major upward move, noting that a monthly close above the $3,500 price mark would confirm a breakout from the multi-year setup. When this breakout takes place, Ethereum is likely to rally sharply, with the expert placing his long-term target at the $12,000 milestone.

Trader Tardigrade reported that Ethereum has entered the impulsive waves zone, suggesting that the next big surge for Ethereum may already be underway. This prediction is based on a previous scenario from the 2021 cycle, where this price trend sparked a massive surge to the current all-time high. Trader Tardigrade’s bold prediction hinges on this scenario, with a potential market top of $18,000.

Technical expert, Crypto Elites, also predicts an impending explosive upward move to the $15,000 milestone, spotting a multi-year ascending trend line. At the time of writing, Ethereum’s price has dropped by nearly 1% in the last 24 hours and was trading at $2,606. Investors’ sentiment is slowly improving as trading volume has briefly risen by over 5% in the past day.