Ethereum price is waking up this week and is now trading just slightly below $3.7k.
Popular crypto analyst “Wolf” updated his ETH price outlook in a viral tweet today. He compared Ethereum’s movement to the one XRP holders experienced.
Analyzing the Patterns
The cryptocurrency market is showing intriguing similarities between XRP and Ethereum’s price trajectories. Both cryptocurrencies have been forming multi-year symmetrical triangles since 2021, creating a compelling narrative of potential breakout movements.
XRP has already made its move, breaking above the $1.00 mark and surging over 200% to a target of $1.8937. This breakout has been sharp and decisive, confirming a bullish continuation after a prolonged consolidation phase. The measured move aligns perfectly with the height of the triangle added to the breakout point.
A 3-year compression triangle often leads to a massive breakout, just like we saw with $XRP and its 3x surge. Once $ETH breaks 4k, expect something similar. pic.twitter.com/dq1I5RTmyA
— Wolf (@IamCryptoWolf) November 30, 2024
Ethereum’s Potential Breakout
Ethereum is currently following a similar pattern, testing the upper boundary of its triangle near $3,700. Analysts are watching closely for a potential breakout above $4,000, which could trigger a significant price movement. If this occurs, the measured move could target an impressive $7,700 – mirroring the explosive rally recently seen with XRP.
The technical analysis suggests that Ethereum is at a critical juncture. A confirmed breakout could lead to substantial upward momentum, with the lower boundary of the triangle near $2,800 serving as a critical support level. Immediate resistance lies at $4,000, with $5,000 potentially acting as a psychological barrier during the rally.
Read also: Fantom (FTM) Price Pumps Amid Ongoing Sonic Labs Developments
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The post How Will Ethereum Mirror XRP’s Price Pump: Analyst Insights appeared first on CaptainAltcoin.
