Analysts say ETH’s breakout to a new all-time high is just the beginning and one 2017-era fractal pattern targets a $14,000 Ethereum price in the near future.
Crypto markets have hit the ground running right from the start of November and as of Nov. 2, a near uncountable number of tokens have rallied to swing highs as Ether (ETH) broke above the $4,500 level and Bitcoin (BTC) recaptured the $64,000 level. Polkadot (DOT) also hit another all-time high as investors accumulated tokens leading into the upcoming parachain auctions.
The climbing price of Ether comes following the recent Altair update to the Ethereum beacon chain as part of the protocol’s transition to Eth2 and a proof-of-stake mechanism, which has also seen more than 8 million Ether removed from circulation and staked in the Eth2 contract.
Data from Cointelegraph Markets Pro and TradingView shows that since trading at a low of $2,780 on Sept. 29, the price of Ether has charged 62.54% higher in a little over a month to establish a new all-time high at $4,523 on Nov. 2.
Here’s a look at what traders and analysts are saying about the recent price action for Ether and where the token may be headed in the months ahead.
ETH could “impulse wave” to $6,000
A simple, straightforward price projection for Ether was offered by Cointelegraph contributor Michaël van de Poppe, who posted the following chart estimating an “impulse move” from $6,000 to $6,400, which could occur sometime between November 2021 and January 2022.
Van de Poppe said,
“Ethereum impulse wave target could be $6,000.”
Analysts expect “another breakout soon”
A word of warning for profit-takers was provided by options trader and pseudonymous Twitter user ‘John Wick,’ who suggested that another breakout in Ether was an imminent possibility.
“Ethereum continues to make new ATHs. Those that have been waiting all those months with us absolutely deserve this… Technically, we have another Squeeze shading. Watch out for another breakout soon!”
2017 fractal points to $14,000 ETH
A final perspective offered by on-chain analyst Matthew Hyland compares Ether’s price action in 2017 with the current market structure of ETH.
If the suggested fractal pattern does, in fact, play out, Hyland pointed to a potential rally to at least $14,000 over the next two to three months.
The overall cryptocurrency market cap now stands at $2.728 trillion and Ethereum’s dominance rate is 19.4%.