Over the past week, the Ethereum (ETH) market recorded a solid positive price performance, reaching as high as $3,600. Notably, the second-largest cryptocurrency, among many altcoins, is experiencing a strong bullish momentum as evidenced by price gains of 45.48% over the last month. Amid the present market euphoria, Dutch market analyst Gert Van Lagen has backed Ethereum\u2019s chances for sustained price gain based on an Elliott wave analysis.<\/p>\n
Ethereum To Complete Bull Market Cycle On High Note \u2013 Analyst<\/p>\n
The Elliot wave theory is a technical framework used to predict price targets by identifying repetitive patterns in price movements driven by investor psychology. In an X post on July 18, Van Lagen explains that this price forecast framework indicates that Ethereum may be entering the final phase of its bull market cycle, with a potential price target of $10,000.<\/p>\n
According to the analyst, the ETH bi-weekly trading chart suggests the cryptocurrency is completing a textbook five-wave cycle that began in 2022, with the fifth and final wave now unfolding in the form of an expanding diagonal.<\/p>\n
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For context, the Elliot wave theory identifies a single price cycle in five waves, each composed of subwaves abc. As seen in the chart above, this includes the wave I marked by an initial impulse rally, followed by a sharp corrective Wave II as seen between 2022 and 2023. Wave III is defined by explosive momentum, pushing Ethereum to new highs, before entering a lengthy Wave IV consolidation characterized by a flat correction.<\/p>\n
Finally, there is wave V, i.e., the current status of the market, which is usually a final price surge. After breaking out of the upper boundary of the Wave 3\u20134, Gert Lagen explains that Ethereum is about completing subwave a of wave V following its most recent price gains.<\/p>\n
Therefore, investors should expect a brief pullback to retest the breakout zone, which would complete subwave \u2018b\u2019. After that, a blow-off rally forming subwave \u2018c\u2019 is on the cards, i.e., a price move that could push Ethereum to the $10,000 mark based on a broader Elliott wave analysis on the Ethereum bull market stretching from 2019 to date.<\/p>\n
Ethereum Price Overview<\/p>\n
At press time, Ethereum is trading at $3,657, posting gains of 1.79% over the past 24 hours and 21.8% over the last seven days. However, daily trading volume has dropped by 46.03%, signaling a potential weakening in the bullish momentum behind the current price surge. Following its most recent gain, the altcoin continues to retain its position as the second-largest cryptocurrency with a market cap of $441.14 billion and 11.1% market share.<\/p>\n
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Disclaimer: For information purposes only. Past performance is not indicative of future results.<\/p>\n","protected":false},"excerpt":{"rendered":"Over the past week, the Ethereum (ETH) market recorded a solid positive price performance, reaching as high as…\n","protected":false},"author":2,"featured_media":10630,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[84,467,56,54,55],"class_list":{"0":"post-10629","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/10629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=10629"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/10629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/10630"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=10629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=10629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=10629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}