Ethereum is showing signs of a significant price movement, as highlighted in a recent analysis by crypto expert Merlijn The Trader. According to the results published in the material, the analysis suggests that the second-largest cryptocurrency is currently in a critical phase of its market cycle, potentially setting the stage for a major breakout.
Technical Analysis by Merlijn The Trader
Merlijn The Trader's technical analysis identifies Ethereum's price action as a classic example of Wyckoff accumulation. The cryptocurrency has navigated through several essential stages and is now on the brink of a powerful expansion phase. Currently trading around $3,100, Ethereum has been consolidating within a range of $3,050 to $3,400, indicating a buildup of buying pressure.
Wyckoff Masterclass and Breakout Potential
The analyst describes the chart as a 'Wyckoff masterclass,' suggesting that Ethereum is approaching a breakout zone with the potential for a vertical markup. If the current structure continues to unfold as anticipated, Ethereum could aim for a price target exceeding $10,000 in the long term, marking a significant milestone for the asset.
In a related development, HYPER Coin has recently shown a wedge breakout pattern that could lead to significant price gains. For more details, see further insights.
