After studying Ethereum statistics, the analyst promised ETH a 10-fold increase.

A leading analyst noticed signals that could lead to a 10-fold increase in Ethereum next year. In the new video, he analyzed the previous price movement of Ethereum, which allowed him to determine the approach of an uptrend. According to the blogger, Ethereum has overcome long-term horizontal resistance and marked the beginning of the previous bullish cycle. Using the ETH/USD daily chart on TradingView, it showed that the horizontal resistance channel lasted approximately 1029 days. At the same time, the main altcoin rose quickly after the breakout.

The channel host showed that 130 days after the breakthrough, Ethereum increased more than five times. He compared the price behavior of Ethereum in 2020 with the current trend and highlighted important similarities that could lead to a similar result. Taking into account the historical pattern, the expert concluded that by approximately September 2024, ether will be traded around $3500. Moreover, in the future he predicts the growth of the altcoin to a range from $10,000 to $12,000. For this calculation, the momentum indicator of the relative strength index (RSI) was used. After overcoming the RSI overbought level in 2020, Ethereum increased 10 times.

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