Ethereum hitting $12,000 is not something that is out of the ordinary, especially during a time when the whole crypto market is of the perception that the bull market has ended.
Ethereum, the second crypto by market cap, reaching $12,000, is not a big ask according to technical analyst James. The analyst spotted an ascending triangle on the ETH weekly, explained that the coin reaching five-figure value is not something that is out of the ordinary.
The ascending triangle pattern has a flat top and a rising bottom. Buyers push the lower higher while the seller holds on to the resistance level flat at the top. With each push making higher lows, the resistance weakens the sellers. The volume usually shrinks, and the price gets squeezed while the market becomes “coiled”. Here, pressure starts to build up, and buyers start to dominate. At the threshold, there will be a breakout, and the price will drastically spike.
Seeing this build up, James predicted that $12,000 after the breakout is not an impossible target. This is quite a bold statement by James in the backdrop of the crypto community thinking that the bull market is over.
However, it’s not the bull market that’s over but the bear market, opined another analyst. In a totally separate incident, analyst Michael van de Poppe spotted another setup that could burst into a bull rally, and this supports James’ perspective.
Poppe figured out “In 2016, 2019, and in April of 2025, the bottom on ETH/BTC was in the same week as the bottom on the Chinese Yuan valued against the Dollar.” Both these pairs are at their bottom as they were in the previous years, as mentioned. Hence, he expects the markets to bloom.
He added that the markets are correlated through several factors and as such, “ We’re not at the end of the bull market, we’re at the end of the bear market.”
In the shorter time frame, ETH has broken out from a falling wedge. It is currently establishing a new uptrend. Given that the coin increases by the height of the wedge at its widest point as a conventional breakout, then it could reach $4,000 in the coming days.
