- Ethereum price chart sees a huge 4-year inverse head and shoulder pattern in play.
- The shoulders depict equal depth hinting at a major parabolic pump for ETH price.
- The analyst expects the price of ETH to hit $20,000 ATH this bull cycle.
As the price of Bitcoin (BTC) continues its stagnant movement in the lower $80,000 price range, analysts are slowly shifting sights to altcoins. In particular, the pioneer altcoin Ethereum (ETH) is completing a huge 4-year inverse head and shoulder pattern, could this finally be the trigger for ETH’s first ATH this bull cycle?
Huge 4-Year Head and Shoulder Pattern for ETH
Until this week, the expectations for Bitcoin to surpass its current ATH price to shoot towards a much greater ATH target was strong. However, now, many analysts believe that the price of BTC has already hit its cycle top leading to highly bearish sentiment in the market. Thus, analysts are slowly looking towards altcoins to surge as a cycle cannot be complete without a flourishing altseason.
The altcoins most expected to pump in price this bull cycle are Ethereum (ETH) and Ripple’s XRP. In detail, Ethereum (ETH) is expected to lead the altseason. Both assets are yet to set a new ATH this bull cycle, and one analyst believes the trigger for ETH’s price pump to hit a new ATH is finally playing out.
ETH Price Expected to Hit $20,000 ATH
As we can see from the post above, Ethereum (ETH) is completing a huge 4-year inverse head and shoulder pattern. Presently, both shoulders are showing equal depth suggesting that an explosive and parabolic ETH price pump is expected. Specifically, this analyst beelives that ETH can pump to hit a new ATH of $20,000 this bull cycle.
