Ethereum (ETH) is poised for a price surge, according to a recent tweet by Crypto Patel, a well-known cryptocurrency analyst. Using Elliott Wave analysis, Patel has identified key patterns and price targets. The pattern suggests that Ethereum could reach the highly anticipated $10,000 mark in the near future.
ETH Zigzag Pattern Pointing to $3,250 Target
On the ETH/USDT 1D chart at the cycle degree, Crypto Patel has observed that wave ((C)) of a Zigzag pattern appears to be unfolding. This pattern is a bullish formation that typically occurs after a correction and indicates a potential reversal in price action.
Based on this analysis, Patel has projected a target of $3,250 for wave ((C)). It also suggests that Ethereum may experience a substantial increase in value in the coming weeks or months.
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Diagonal Wave 4 Correction Targeting $3,050
Crypto Patel has also identified Wave 4 down of an ascending diagonal pattern on the ETH 1D chart at the primary degree. This corrective wave is currently in progress and is expected to reach a target of $3,050.
Diagonal patterns are often associated with strong trends and can indicate the continuation of the prevailing market direction after a brief period of consolidation or correction.
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Supercycle Degree Wave [[III]] Aiming for $9,000 to $10,000
Perhaps the most exciting aspect of Crypto Patel’s Elliott Wave analysis is the identification of Wave [[III]] of an ascending diagonal on the ETH 1D chart at the supercycle degree.
This wave is currently developing and has a projected target range of $9,000 to $10,000. If this target is reached, it would represent a massive milestone for Ethereum. It could also potentially lead to a new all-time high for the cryptocurrency.
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Expert Predictions for Ethereum in May 2024
In addition to Crypto Patel’s Elliott Wave analysis, crypto experts at Changelly have provided their own predictions for Ethereum’s price trajectory based on the cryptocurrency’s price fluctuations at the beginning of 2024. These experts expect the average ETH rate to be around $3,161.75 in May 2024, with a minimum price of $3,112.20 and a maximum price of $3,211.30.
While these predictions are more conservative than Crypto Patel’s long-term targets, they still suggest a bullish outlook for Ethereum.
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