Ethereum Price Prediction: Inverse Head-and-Shoulders Pattern Predicts $10,000

An expert found an inverse head and shoulder pattern on Ethereum's 6-month long-term price chart, indicating a breakout. Ethereum may soon reach $12,000, a new record high for the second-largest cryptocurrency by market value, according to this bullish pattern.

When a cryptocurrency breaks through the neckline after the pattern is complete, it may be entering an uptrend. Ethereum's price has fallen nearly 8% in the previous week.

After falling from over $4,000 to below $3,500, Severino expects Ethereum to rebound to $12,000, the leading cryptocurrency.

The analyst's price chart shows that the left shoulder of the inverse head and shoulder developed in 2021, while the head formed during Ethereum's price drop in 2022, representing the pattern's lowest point.

Ethereum just tested the neckline, a horizontal trendline resistance level, completing the right shoulder of the inverse head and shoulder pattern. The bullish trend reversal associated with this chart pattern was confirmed when Ethereum broke over $3,400.

The distance between the head and the neckline on the price chart is 265.84%, indicating Ethereum might climb between $10,000 and $12,000. Severino's Ethereum price goal may match the inverse head and shoulder's upward-sloping channel, supporting this bullish trend view.

The analyst posted Ethereum's accumulating address balance chart. Ethereum whales are buying ETH tokens quickly, significantly growing their holdings since 2017. The huge increase in accumulation shows investors are ready for a positive price move.

The analyst's chart's red arrow reveals a recent ETH balance surge on accumulation addresses. Most wallets related with this surge accumulation have witnessed small outflows, indicating long-term investor holding.

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