- The price of Ethereum is developing a rounded bottom pattern, indicating a 31% breakthrough.
- ETH must close decisively above its all-time high of $4,387
- Bullish thesis will be invalidated if the $3,746 support level is broken.
ETH is consolidating, building steam to propel it higher on the next leg. The Ethereum price has crossed a crucial threshold, indicating the beginning of a run-up to new all-time highs.
The Price of Ethereum Will Rise Again
ETH has broken over this barrier and rebounded 6% to where it is now consolidating. While the uptrend has already started theoretically, a significant surge in purchasing pressure is required to drive Etheruem’s price over its all-time high of $4,387.
From September 3 to September 24, the Ethereum price hit multiple lower lows. However, it then began to rise. This price action matches a rounding bottom pattern, which predicts a 31 percent increase to $5,245, which is calculated by adding the rounding bottom’s depth to the breakout point at $3,989.
If the price of Ethereum falls below the $3,989 support level, it will signal buyer weakness and warn that the slump may continue. The bullish thesis of the rounded bottom pattern will be invalidated if the $3,746 level is broken. In this instance, ETH might rise to $3,615.
This move will prove that buyers have the upper hand and will accelerate ETH to the 161.8 percent trend-based Fibonacci extension mark of $4,849. Beyond this point, Ether faces a potential objective of $5,245, i.e. a new all-time high. In rare situations, Ethereum’s price may overextend and reach the next level at $5,765, representing a 35 percent increase from where it is now.
