Ethereum Breaks Out of Diamond Price Pattern, Poised for Rally

Vignesh Karunanidhi
Ethereum Breaks Out of Diamond Price Pattern, Poised for Rally
Source: Forbes

Ethereum (ETH) appears primed for a significant price rally based on positive technical indicators. According to CryptoJobs founder Carl from The Moon, Ethereum has broken out of a diamond price pattern he highlighted earlier. Diamond patterns often precede major upside moves when broken to the upside.

Also read: Ripple (XRP) Price Prediction: November 2023

Ethereum could hit $4,000

Dan Tapiero, founder of digital asset fund 1RT, also noted the breach of $2,200 resistance for Ethereum, suggesting a rapid rally to $4,000 may follow.

Tapiero argued Ethereum adoption continues to expand through real-world use cases, despite ETH prices languishing -61% below all-time highs.

Examples of growing Ethereum utility include surging decentralized finance activity, stablecoin usage, non-fungible token volumes, and institutional custody figures.

Yet with positive technical factors aligning amid broadening utility for Ethereum’s blockchain, analysts contend ETH looks primed for an upside breakout.

Also read: MicroStrategy Buys 155 More Bitcoin in October

If key resistance levels are decisively breached, Tapiero’s $4,000 target could quickly come into play. According to CoinGecko data, ETH is up by 15.7% over the last 30 days.

Ethereum bulls will be closely eyeing whether this latest price pattern breakout finally translates into a sustained rally for the world’s second-largest cryptocurrency.