A closely followed crypto analyst says that Ethereum (ETH) looks ready to rip further after breaking above the $4,000 price tag.
In a new video update, crypto trader Cheds tells his 50,200 YouTube subscribers that the second-largest digital asset by market cap looks primed to continue climbing all the way to $10,000, which would represent about a 135% gain from its current price.
According to the trader, Ethereum broke out of a massive bullish pattern, setting the stage for a huge upside burst.
“This is a continuation pattern, and we have it here on Ethereum, on a higher time frame on the weekly.
The price is in an uptrend above a rising (200-day moving average), and it’s likely to continue. So, how do you play it?
Well, with any pattern, you want to look for a clean horizontal level.
Here you have a very well-defined overhead level, and the long would trigger on the break of the upper range of the descending right-angled broadening wedge, and you would take a measured move based on the height from the last low to the peak, and this gives us a pretty strong measured move all the way up to almost $10,000.“
Source: Big Cheds/YouTube
Cheds is not the only crypto strategist who’s bullish on ETH.
In a thread on the social media platform X, pseudonymous trader Pentoshi says that Ethereum has more upside potential against Bitcoin (ETH/BTC), suggesting that ETH will outperform Bitcoin in the coming weeks.
“Speaking of not just against the USD, there’s a lot of room here for the BTC pair to run beyond the USD all-time high for ETH. Could at least see it go to .055 [BTC] mid-term.”
Source: Pentoshi/X
ETH/BTC is valued at 0.0357 at time of writing, while BTC and ETH are trading for $122,069 and $4,301, respectively.
Generated Image: Midjourney
