An analyst known as VentureFounder has identified a ‘cup and handle’ pattern on Ethereum’s bi-weekly chart, indicating a potential rise in the asset over the next four months.
$ETH has a 3-year cup and handle in the making, it is about to be completed now if #Ethereum confirms $3.8k as support.
First target: $5,349
Second target: $6,457
Third target: $7,238Timeframe: by end of Q1 2025 the latest. pic.twitter.com/AAfBP8dQYu
— venturefounder (@venturefounder) November 30, 2024
“The ETH chart has been forming a cup and handle for three years, and it will soon be completed if [the asset] confirms support at $3,800,” he wrote.
According to the expert, the first target for the coin is around $5,349, the second is set at $6,457, and the third at $7,238. VentureFounder believes Ethereum will reach the final mark “by the end of Q1 2025 at the latest.”
The analyst also noted the approaching ‘golden cross’ in Ethereum (the crossing of the 50 DMA and 200 DMA), which is expected to form next week.
$ETH 50DMA-200DMA #goldencross is coming NEXT WEEK:
The first #Ethereum golden cross this cycle happened in Nov 2023 and ETH went from $2k to $4k in 3 months.
This is also the 2nd golden cross this cycle, the 2nd golden cross in the last cycle triggered a ETH rally from $185 to… pic.twitter.com/7CWgSJihgU
— venturefounder (@venturefounder) November 30, 2024
According to the user’s observations, the ‘golden cross’ in November 2023 already propelled the second-largest cryptocurrency by market cap from $2,000 to $4,000 in three months.
VentureFounder believes Ethereum’s price “has not yet soared” due to the persistent strength of the US Dollar Index (DXY), which previously fell to lower levels.
Why hasn’t $ETH exploded yet?
Answer: $DXY
In past cycles, DXY drops to ~90 and triggers the largest bullmarket in #Ethereum in the same period, DXY has been trending between 100-106 this cycle, but it is about to have a bigger break down than past cycles, ETH will explode. pic.twitter.com/djjKKpNI6y
— venturefounder (@venturefounder) November 30, 2024
“DXY has been fluctuating between 100-106 this cycle, but it is set for a more significant decline than in previous cycles. Then ETH will explode,” he stated.
A crypto trader under the pseudonym Titan of Crypto predicted Ethereum at $5,800 soon, as the Ichimoku Golden Cross “has finally formed on the weekly timeframe.”
Earlier, an analyst named Wolf identified the formation of a ‘Triangle’ pattern on Ethereum’s chart since November 2021. He believes a potential price breakout from this consolidation zone is targeting $20,000.
Experts from Block Scholes and Bybit Analytics have forecasted Ethereum’s rise above $4,000 before Donald Trump’s inauguration.