The Ethereum (ETH) market had a strong week, with prices going up to $3,600. The second-largest cryptocurrency, along with numerous altcoins, is seeing a lot of positive momentum, as seen by a 45.48% rise in price over the last month. Dutch market expert Gert Van Lagen has endorsed Ethereum's odds of continuing to rise in price based on an Elliott wave analysis, even if the market is now quite excited.
Analyst Says Ethereum Will End Bull Market Cycle on a High Note
The Elliot wave hypothesis is a way to forecast price objectives by looking for patterns in price movements that happen again and over again because of how investors think. Van Lagen says in an X post from July 18 that this price prediction system shows that Ethereum may be in the latter stage of its bull market cycle, with a price goal of $10,000.
The expert says that the ETH bi-weekly trade chart shows that the cryptocurrency is finishing a traditional five-wave cycle that started in 2022. The fifth and final wave is presently happening as an expanding diagonal.
The Elliot wave theory says that a single price cycle may be broken down into five waves, each of which has three subwaves: abc. The chart above shows this, which includes the wave I highlighted by an early impulse rally, followed by a severe corrective Wave II that occurred between 2022 and 2023. Wave III is marked by rapid momentum that drives Ethereum to new highs. This is followed by a long Wave IV consolidation with a flat decline.
Wave V is the last wave, which represents the current state of the market. This is generally a last price rise. Gert Lagen says that Ethereum is now completing subwave an of wave V after its most recent price advances, which happened when it broke over the top barrier of wave 3–4.
So, investors can anticipate a short retreat to retest the breakout zone, which would finish subwave "b." After that, a blow-off rally that makes subwave "c" is possible. This means that the price might go up to $10,000 based on a larger Elliott wave analysis of the Ethereum bull market that has been going on since 2019.
At the time of writing, Ethereum is worth $3,657, which is up 1.79% in the previous 24 hours and 21.8% in the last seven days. But the daily trading volume has declined by 46.03%, which might mean that the positive impetus behind the recent price rise is losing strength. The altcoin is still the second-largest cryptocurrency, with a market valuation of $441.14 billion and 11.1% of the market. This is because it just went up in value.
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