Ethereum could be in the final phase of a long term bullish pattern that may eventually drive its price to between $12,000 and $22,000, according to crypto analyst NoName. While the forecast is speculative, it has reignited discussions over whether Ethereum’s recent lows marked the beginning of a sustained recovery.
Expanding Pattern Suggests Significant Upside
In an analysis shared on X, NoName argued that Ethereum has been forming an expanding diagonal pattern since 2021. The technical structure consists of five waves, with each wave growing larger than the previous one.
According to the analyst, the first four waves have already played out, with the fourth wave finding support between $1,072 and $1,385. They believe this zone represents the foundation of the broader pattern and that the fifth and final wave could push Ethereum above its previous cycle high.
NoName also compared Ethereum’s chart to a historical pattern seen in the Dow Jones Industrial Average, suggesting the two share similar technical characteristics that could lead to comparable breakouts.
Based on this analysis, the projected target for Ethereum ranges from $12,000 to $22,000. The analyst also described ETH as one of the market’s most undervalued assets, arguing that widespread pessimism could present an attractive opportunity for long term investors.
Other Analysts Remain Optimistic
Another market analyst, Crypto Patel, also expects substantial upside, although with a more conservative target.
Using the Wyckoff accumulation model, Patel believes Ethereum could climb toward $10,000 by 2027 or 2028, provided the recent low near $1,500 continues to hold as support.
Patel identified the $2,400 to $2,600 range as the first major resistance area that Ethereum must overcome before a stronger bullish trend can develop.
Meanwhile, CryptoQuant contributor CW8900 pointed to improving on chain data. According to the analyst, wallets holding more than 100,000 ETH have returned to profit following Ethereum’s latest rebound. Historically, these large holders have tended to move back into profit near major market bottoms, with those moments often followed by extended rallies or meaningful short term recoveries.
Caution Still Remains
Despite the growing optimism, not all analysts are convinced Ethereum has reached its final bottom.
After falling close to $1,500 in June, ETH rebounded sharply following lower than expected US inflation data, climbing to approximately $1,940 before sellers pushed the price back below $1,900.
At the time of writing, Ethereum is trading near $1,800 after declining about 5 percent over the past 24 hours, though it remains higher on a weekly basis.
Analyst Crypto Rover has warned that a recurring 1,369 day market cycle could still send Ethereum below $1,500 before a lasting bottom is established.
While long term forecasts remain highly bullish, Ethereum will first need to reclaim key resistance levels before any move toward five figure price targets becomes a realistic possibility.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
