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CoinGape 2025-02-17 16:03:24

Ethereum’s Giant Megaphone Pattern Sets $7.7K to $9.9K ETH Price Target

Ethereum’s Giant Megaphone Pattern Sets $7.7K to $9.9K ETH Price Target

Ethereum price continues to struggle amid major market share losses and weak market sentiment in the crypto industry. It has slipped by over 30% from its November highs, meaning that it is in a technical bear market. One crypto analyst, however, believes that the ETH price has formed a megaphone pattern pointing to a strong surge. ETH Price Forms a Giant Megaphone Pattern The ongoing ETH price weakness may be a good sign to buy as it continues to set up the giant megaphone or a rising broadening wedge chart pattern on the weekly chart . According to Titan of Crypto , the coin started forming this pattern in 2023. As the name suggests, a megaphone pattern is made up of several higher highs and higher lows. One then connects the higher highs and higher lows with a trendline. The two trendlines move in a divergent pattern, forming what looks like a megaphone. Ethereum recently fell to the lower side of this megaphone, and Titan expects that it will bounce back and surge to between $7,700 and $9,900 in the long term. A move from the current $2,766 to the two targets is a 178% and 258% surge. Such a price action is possible since ETH price has jumped by 212% from its lowest point in May 2022 and by 3,700% from its 2020 low. The caveat for this Ethereum price forecast is that it is on the weekly chart. This means that it wlll take time to form and complete. As the chart below shows, Titan’s forecast is that the coin will get to the target price in 2026. Ethereum Price Forecast Ethereum Price Short-Term Targets The daily chart shows that the Ethereum price has pulled back in the past few weeks. This crash is mostly because of the sluggish spot Ethereum inflows , continued sales by the Ethereum Foundation , and the fact that it is losing market share to Solana and BNB Chain . Ethereum, which used to lead in terms of fees, has been overtaken by other projects like Jito, Circle, and Tron. The chart shows that the value of ETH has formed a death cross as the 50-day and 200-day moving averages have flipped each other. Ethereum formed such a cross lastly in August 2024, and it dropped by over 20% afterwards. On the positive side, Ethereum is forming a bullish pennant chart pattern . This pattern is characterized by a vertical line and a symmetrical triangle pattern. It often leads to a strong bullish breakout. Therefore, more upside will be confirmed if the Ethereum price rises above the upper side of the pennant and the psychological point at $3,000. A move above that level will point to more gains as it will invalidate the death cross pattern. Ethereum Price Chart On the flip side, a drop below the lower side of the pennant pattern at $2,520 will invalidate the bullish view and risk it crashing to this month’s low of $2,160. The post Ethereum’s Giant Megaphone Pattern Sets $7.7K to $9.9K ETH Price Target appeared first on CoinGape .

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