Ethereum (ETH) spent more than two years with low price ranges before its significant price surge. This time it has spent has caused ETH to outperform most of the cryptocurrency market, including Bitcoin (BTC).
However, a new accumulation pattern happening inside Ethereum will return the old resistance levels to support levels before the next uptrend begins.
ETH has increased by nearly 400% since the historic collapse on March 12, which went into the markets as “Black Thursday”. When we look at it on a yearly basis, it experienced an increase of 200%. But ETH, which is still the largest altcoin, has not even approached its all-time high.
ETH, like the leading cryptocurrency, broke a record at the beginning of January 2018. Ethereum’s rise accelerated with the increasing interest in the general cryptocurrency market.
The rise in Ethereum ended with the decline of Bitcoin, and after a two-year period of accumulation with a bear market, it started moving back to an all-time high of $ 1,400. But before it reaches that level, before a new bull run begins on Ethereum, the coin may face one or two more tests.
When we look at the graph above, we can see that ETH touches the top of the fourth point and moves towards a lower trend line for the fifth point. If ETH follows this move again, as in the past, the expected potential rise after number seven will occur.
After this point, Ethereum has the power to rise to the $ 4,500 level, breaking its old all-time high, according to some analysts.
For those who want these claims and their chart models to be supported by other metrics, when we look at the current Livermore accumulation model and previous cycle price movements, it can be clearly seen that the largest altcoin is exactly following such a model.
Ethereum (ETH) is trading at $ 388 as of writing.