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Crypto analyst BallaJi has provided insights into how the Ethereum price breakout could happen and even raised the possibility of ETH reaching $18,000. Ethereum currently boasts a bullish outlook , having recently broken above $4,000 for the first time since March of this year. How The Ethereum Price Could Reach $18,000
In a TradingView post, BallaJi predicted that the Ethereum price could reach $18,000. The crypto analyst explained that based on logarithmic projections, the measured move of this HVF could send Ethereum to the target. He provided a caveat, stating that the price rally to the target might not happen in 2025. Related Reading Analyst Says Bitcoin Price At $100,000 Is A ‘Dangerous Zone’, Predicts Massive Crash 1 day ago Source: TradingView
However, he is confident that if this bullish pattern is completed, then the Ethereum price could reach this $18,000 price target later on this decade. A rally to this price target would give Ethereum a market cap of around $2 trillion based on its circulating supply of 120.44 million ETH.
Meanwhile, BallaJi highlighted three logarithmic targetson the chart, with $18,000 being the third and last target. The first and second targets are at $3,818 and $6,236 respectively. In an update on the trade setup, the crypto analyst noted that the Ethereum price has reached, broken, and retested the first target at $3,818. Source: TradingView
With the trade now active, BallaJi provided insights into how the Ethereum price could continue this upward trend using linear measured moves. The accompanying chart he shared showed that the next linear target is at $5,193; a rally to that target would mark a new all-time high (ATH) for ETH, with its current ATH at $4,800.
Meanwhile, the next linear target is at $7,299. BallaJi’s chart showed that the Ethereum price should hit these price targets by next year. A rally to the $7,299 target could then pave the way for ETH to reach $18,000, although the analyst already warned that it might not happen in 2025. Countdown To New ATH Has Begun
In an X post, crypto analyst Justin Bennettstated that the countdown to a new ATH for the Ethereum price has begun. According to the analyst, ETH could rally quickly above $5,000 as it breaks several levels this week. The analyst’s accompanying chart showed that the quick rally above $5,000 could lead Ethereum to hit $6,300. Related Reading Dogecoin Price Analysis: Ascending Triangle On 2-Hour Chart Shows DOGE Is Still Very Bullish 1 day ago Source: TradingView
Crypto analyst Titan of Cryptoalso predicted that an Ethereum price rally to $5,000 is imminent. He stated that ETH’s market structure mirrors BTC’s from a few weeks ago. He remarked that the $5,000 target is just the minimum as he believes that Ethereum will likely go higher. Source: TradingView
At the time of writing, the Ethereum price is trading at around $3,980, up almost 3% in the last 24 hours, according to datafrom CoinMarketCap. ETH price struggling to hold $4,000 | Source: ETHUSDT on Tradingview.com Featured image created with Dall.E, chart from Tradingview.com