Ethereum could reach $7200: upside potential based on cup-and-handle pattern
An analyst with the nickname VentureFounder noted that a cup-and-handle pattern has formed on the two-week chart of Ethereum (ETH), signaling a possible strong rise in the cryptocurrency in the coming months.
In his opinion, if ETH holds support at $3800, the cryptocurrency could rise to the following key levels: $5349, then $6457 and possibly as high as $7238 by the end of the first quarter of 2025.
“This pattern has already been forming on the Ethereum chart for three years, and now it is close to completion. We expect growth if ETH confirms its strength at $3800,” the analyst noted.
A golden cross and a strong signal for Ethereum growth
In addition, the analyst pointed to the approaching formation of the “golden cross” on the Ethereum chart, when the short-term moving average (50 DMA) crosses the long-term one (200 DMA). Such a crossover is a historical signal for growth. In the past, in November 2023, this event caused the price of Ethereum to jump from $2000 to $4000 in just three months.
VentureFounder argues that while ETH has yet to show explosive growth, the reason for this is the continued strength of the US Dollar Index (DXY). He predicts that DXY will fall in the future, which will catalyze growth for Ethereum.
Forecasts and expectations
Another crypto trader, Titan of Crypto, expects that Ethereum could reach $5800 soon as the chart has now formed a Golden Cross on the Ishimoku indicator on the weekly timeframe.
In turn, an analyst under the nickname Wolf noted that the Ethereum chart has been showing a “Triangle” pattern since November 2021, and suggests that in the event of a breakout from this consolidation, the price could reach $20,000.
Block Scholes and Bybit Analytics experts also expect Ethereum to rise above $4,000 before Donald Trump’s inauguration.
Don’t miss the chance to hedge your cryptocurrency assets against market volatility!
We recommend you to pay attention to our index token ALX, which safely hedges risks and allows you to effectively manage cryptocurrency volatility. Join Alakris Group today to invest in innovative solutions for the crypto market!