Ethereum Price Could Skyrocket to $9,000, Analyst Predicts Based on Broadening Wedge Pattern

Despite a recent pullback in Ethereum's price, a cryptocurrency expert suggests that the leading altcoin may be on the verge of a significant rally, potentially reaching a new all-time high of $9,000. This optimistic forecast is rooted in the completion of a Broadening Wedge formation and an ongoing retest of the pattern's upper boundary, which could now serve as a support level.

Technical Analysis Points to Potential Ethereum Surge

A fresh technical analysis shared on social media platform X by crypto market specialist Gert van Lagen indicates that Ethereum might be preparing for a substantial breakout. The price action could target bullish levels around the $9,000 mark, according to the analyst. This projection is based on a key chart pattern known as the Descending Broadening Wedge, which has historically been a reliable indicator of bullish continuation.

Examining the weekly timeframe, Ethereum has successfully broken out above the upper resistance of the long-term Descending Broadening Wedge pattern. Van Lagen observes that Ethereum is currently retesting the former resistance trendline, which may have transformed into a potential support level. This retest is viewed as crucial, with the analyst emphasizing it as Ethereum's second attempt to break higher while maintaining its upward momentum.

The technical setup outlined in van Lagen's price chart projects a potential upside of 79% from the breakout point, which could propel Ethereum towards the $9,000 threshold. The analyst highlights that statistically, such patterns resolve in an upward direction 67% of the time, further strengthening the bullish outlook for ETH.

This price zone also coincides with a historical sell line - an area where traders might begin to take profits as the cryptocurrency approaches upper targets. Interestingly, van Lagen draws a parallel with Bitcoin's price action, noting that it previously formed a similar Descending Broadening Wedge structure. At that time, the analyst had forecasted that a successful retest of the pattern's upper boundary could trigger a significant surge for Bitcoin. This historical comparison reinforces the possibility that Ethereum could be on the cusp of a similar upward trajectory if the current retest confirms support.

August Could See Ethereum Surpassing $5,000, Says Market Expert

While Ethereum experienced a brief pullback, August is shaping up to be a potentially explosive month for the leading altcoin. A market expert known as 'Crypto GEMs' on X predicts that Ethereum will surpass $5,000 before the month concludes. The analyst's technical chart reveals a strong bullish setup forming in the wake of Ethereum's recent price correction.

At present, ETH is trading around $3,554, following a sharp decline from its July peak of approximately $3,900. Although this drop may concern some investors, Crypto GEMs views it as an excellent buying opportunity. The analyst encourages traders to capitalize on lower prices and "buy the dip," as ETH positions itself for its next potential upward movement.

Caution: This information is provided for educational purposes only. Past performance does not guarantee future results.