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.
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.