2023-2024 Price Pattern Shows Potential for ETH Surge
One strong reason supporting the IDR151,250,000 ($10,000) target for Ethereum is the similarity of the current price pattern to the pattern between January 2023 and March 2024. Based on analysis by Julien Bittel, head of macro research at Global Macro Investor, the pattern shows Ethereum price consolidation between IDR22,687,500 ($1,500) and IDR30,250,000 ($2,000) before surging to IDR53,937,500 ($3,500).
Currently, Ethereum is in a similar consolidation phase, which could be a sign of a potential bullish breakout if the pattern continues. If the price continues to move in the same direction with the same momentum as the previous period, Bittel estimates that the target of IDR 151,250,000 ($10,000) could be reached before the end of the year.
This price pattern shows a similar trend, and with the right impetus, ETH could experience a massive breakout that will take its value to new highs.
Fibonacci Analysis Shows Target of Rp151 Million
The second reason is the long-term Fibonacci analysis that shows the possibility of Ethereum reaching Rp151,250,000 ($10,000). In previous bull runs, in 2017-2018 and 2020-2021, ETH price experienced a sharp correction after a parabolic surge. If Ethereum follows the same pattern, the Fibonacci extension targets are at the Rp105,575,000 ($6,978) and Rp160,750,000 ($10,623) levels.
The ETH/USD weekly chart shows that Ethereum is currently trying to reclaim the 50-week EMA (Exponential Moving Average) around Rp41,550,000 ($2,749), while the 200-week EMA at Rp31,812,500 ($2,104) has been a major correction marker in the past. With the RSI neutral at 46, Ethereum has room for further growth if the positive momentum continues.
If ETH is able to capture these key levels and bullish momentum strengthens, then targets such as Rp105,575,000 ($6,978) and Rp151,250,000 ($10,000) could become a reality.
