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An analyst under the pseudonym Titan of Crypto believes that Ethereum ETH $2,452.34 Ethereum -2.32% Market capitalization $299.23 billion VOL. 24 hours $1.05 billion could rise to $ 12,000 if it repeats the price scenario of Bitcoin BTC $79,667.46 Bitcoin -2.32% Market capitalization $1.6 trillion VOL. 24 hours $1.58 billion from 2020. In his post on August 9, he noted that ETH is now in a similar technical position to where BTC was in August 2020 — inside a converging wedge pattern on the monthly chart.
At that time, bitcoin bounced off the lower boundary of this pattern, consolidated near the upper boundary, and then made a breakout, which led it to a historic high of about $ 69,000. Now Ethereum has already closed the August candle above the upper boundary of the wedge, which, according to the analyst, may be a signal of the beginning of a strong growth.
If the monthly close remains above $ 4,000, ETH, according to Titan of Crypto, could potentially grow by 182% to reach about $ 12,000. This would mean an unprecedented all-time high for the second-largest cryptocurrency by capitalization.
As of the time of publication, ETH is trading at around $ 4,270, up almost 6% on the day and more than 25% on the week, according to CoinGecko. Such dynamics reinforces bullish expectations, especially against the backdrop of a technical breakthrough and growing market interest.