In just a moment, Ethereum is back to trading under $3,000 after reaching a high of over $4,000 weeks ago. The crypto market correction got the best of ETH and even managed to take down Bitcoin.
But if past market cycles display future results, the crash can be the first touch of an ascending trendline that will send the top-ranked altcoin to $10,000 per ETH.
How can DeFi and NFTs survive a Bull Run than ICOs?
Amidst the bull market of 2017, both Bitcoin and Ethereum surged as money flowed into the market. Much of its capital made its way down to ICOs, which just fueled the FOMO for ETH further. They also led to the collapse of the second-ranked cryptocurrency and the beginning of the Ethereum bear market.
Now things are different. The altcoin carries the market on its back. It leads to high fees and slower transactions, that is because DeFi is a big deal and also NFTs.
Thanks to Ethereum, the two technologies’ first move advantage is very hard to beat. Although the altcoin has recently collapsed in price lately, the pullback has been technical and fundamentals are still bullish.
This can result in the recent selloff being the lowest, and after a bit of twirling in an ascending pattern, a breakout by $10,000 can be next for Ethereum.
The Repeating Triangle Fractal might send Ethereum to $10K
The pattern is an ascending triangle pattern, it also matches the final consolidation phase of the latest bull market. This is before Ethereum ran to many all-time highs and the bear maret has started.
Around this time, Ether has a lot more going on. However, after a run from $4,000 to $10,000, the market could need a restart. Much like the market needed to reset after its rise from $500 to $4,000 last year.
The target of the structure could reach $10,000 per ETH. Contributing in an ascending pitchfork channel and a lot of bars from the last breakout projected forward, and the price action might also fit.
The path that Ethereum takes is only visible in hindsight. However, if this is accurate, the crypto market has over one leg up even before the bull market is over.
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