Ethereum Breakout: Analyst Explains Why The King Of The Altcoins Is Destined For $10,000

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How Ethereum Gets To $10,000

Crypto expert Tony The Bull, the visionary behind CoinChartist, discloses the compelling factors driving Ethereum toward the significant milestone of $10,000. Drawing insights from the intriguing Hurst Cycle Theory, Tony highlights cyclical patterns evident in the ETH/USDT chart, attributing the consistent uptrend in Ethereum to the strategic accumulation of tokens.

Tony emphasizes that this accumulation consistently occurs at the lower boundary of the Ending Diagonal pattern. Delving into the intricacies of intracycle harmonics, he posits that three cycles should culminate in a larger cycle, ultimately leading to the breakdown of the Ending Diagonal pattern, projecting a peak ETH price of $10,000.

This analysis is not solely based on the Ending Diagonal Pattern; Tony points out that Ethereum’s historical rally commenced at the 0.5 Fibonacci extension, reaching 1.414 during the last peak. With Ethereum currently situated at the 0.5 Fibonacci extension, Tony anticipates a potential breakout, targeting $10,000 if the 1.414 Fib is achieved again.

ETH Moves Into Overbought Territory

Highlighting Ethereum’s current status in overbought territory, Tony challenges the conventional notion that this signals an impending bearish reversal. Contrary to this, he interprets overbought conditions as indicative of a robustly trending asset. While acknowledging the possibility of a reversal, he contends that it does not negate the overall bullish sentiment surrounding the digital asset.

Further analysis involves the confirmation of a 1-month Stochastic above 80 on the Stock, historically associated with upward price movements for Ethereum. The convergence of this indicator with ETH approaching the upper Bollinger Band sets the stage for a potentially bullish breakout.

Source: CoinChartist

However, Tony issues a cautionary note, stipulating that for this optimistic scenario to materialize, the Ethereum price must close above $2,450 by the end of the month. A fallback of the Stochastic below 20 could invalidate this outlook, triggering a potential downtrend. Tony concludes by asserting that a resurgence above 20 on ETHBTC would generate a buy signal on the 1-month Stochastic, propelling Ethereum to outperform Bitcoin.

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