Investor spots that every consolidation on Ethereum (ETH) has led to massive moves. Since Ethereum is currently consolidating, the investor expects the prices to increase drastically.
A long-term crypto investor who goes by the pseudonym CryptoELITES mentioned that Ethereum was consolidating and gearing up for a massive breakout. The figure on X based his argument on Ethereum hitting higher prices based on its historical performance.
According to the analysis, there was a consolidation in 2017, which led to a massive rally, and even the consolidation in 2020 took ETH to higher altitudes. Based on this behavior pattern, CryptoELITES expects history to repeat and ETH to gain value.
Ethereum is currently trading at $4.34K, after gaining more than 0.44% during the past week. The coin has also been fancied by many traders as the 24 hour trading volume has also risen by 17% to 30 billion.
When considering ETH behavior during the past few weeks, it has been trading inside a descneding triangle. This is a bearish pattern, where the prices will crash after completing the pattern. As such ETH may test the $4,075 support level.
However, in the long term, the analyst who goes by the pseudonym CryptoJack predicted that Ethereum could reach $7,000.
