The price of Ethereum (ETH) could rise to $ 13,000 in the next two months if history repeats itself.
A fractal from 2017, which includes four different technical patterns, points to the possibility that the price of ETH will increase by more than 7,000 percent. Ether began trading above $ 3,350 after gaining more than 360 percent since the beginning of the year. The same bullish indicators appeared once again in 2021.
What is the Ethereum fractal in 2017?
fractal in 2017; It consists of four technical indicators, the Relative Strength Index (RSI), the Random RSI, the Bullish Attractor, and the Fibonacci Retracement Level. This process began with the appearance of the Bullish Attractor on Ether’s monthly chart in December 2017, with a 7,000 percent price rally over the next six months.
The massive upward movement that followed the hammer pushed Ether’s monthly RSI above the 94 overbought zone. As a result, the cryptocurrency consolidated sideways to neutralize overly bullish sentiments. Therefore, the RSI has corrected lower.
In line with this, Ether’s monthly random RSI indicator, which compares the closing price of a given period to the price range, has also started to see a correction after signaling an overbought in the cryptocurrency.
In November 2017, the random RSI created a price range by comparing the% K (blue) line with the lower highs and lows of the asset, crossing the% D (orange) line. This is the% K moving average. Also, the random RSI value was above 20 at the time of writing, indicating Ether’s hopes of continuing the upward move.
The native token of the Ethereum network rose another 500 percent, reaching over $ 1,200 in January 2018. It coincided with the RSI and formed a double top as shown in the chart above. From the bottom up, the 23.6% Fib retracement level emerged in an ascending channel range that serves as a support / resistance level.
The fractal of 2021 seems to repeat the same path.
Ether almost mirrors the movements in the fractal of 2017 as it enters the last quarter of 2021, although its range is not the same.
The Ethereum token rose 3,400 percent to over $ 4,300 sixteen months after it formed the rising random RSI line (when the K line broke above the% D line). Meanwhile, the massive up move pushed Ether’s monthly RSI into overbought territory.
After Ether formed a bullish pull in July 2021, there was a consolidation period where sellers bottomed out.
Analyst Jaydee_757, who was the first to notice the Ethereum fractal, highlighted the hammer’s potential to blow up the price of Ether and identified the main bullish target near the Fibonacci line of 2,618 (around $ 13,000).
Related: How to bet on the Ethereum 2.0 network?
The bullish process also took signs of a possible bullish crossover of the stochastic RSI and a double-top RSI that are expected to appear on the monthly chart of Ether for the next “several months”, similar to the 500 percent price rally. in 2018. mentioned above.
Clues to the bullish process can also be taken from a possible random RSI bullish crossover and a double upper RSI value. As mentioned above, the 500 percent price rally in 2018, which is expected to show up on Ether’s monthly chart in the next “months,” could be repeated.
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