Bitcoin
BTC$66 503.40

-0.65%

Ethereum
ETH$3 078.67

-1.28%

Tether
USDT$1.000029

-0.03%

Binance Coin
BNB$573.51

-1.19%

Solana
SOL$170.51

-1.50%

USD Coin
USDC$1.000043

-0.01%

Ethereum fractal from 2017 that resulted in 7,000% gains for ETH appears again in 2021


04 Oct 2021

#Ethereum

The eerie deja vu scenario can see Ethereum hit $13,000 within six months if history repeats. Bids for Ethereum's native token Ether (ETH) could rise to $13,000 in the next two months if history repeats. This shows a fractal indicator from 2017, consisting of at least four technical patterns that were instrumental in pushing the ETH price up by over 7,000%. The same set of bullish indicators have flashed once again in 2021 as Ether trades above $3,350 after rallying over 360% year-to-date.

The 2017 Ethereum fractal, explained

In detail, the four technical indicators are Stochastic RSI, Relative Strength Index (RSI), Bullish Hammer and a Fibonacci retracement level. It started with the Bullish Hammer's occurrence on Ether's monthly chart in December 2017, followed by a 7,000% price rally in the next six months.

The Hammer-led massive upside move pushed Ether's monthly RSI to over 94, an extremely overbought zone. As a result, the cryptocurrency started consolidating sideways to neutralize its excessively bullish sentiments, and thus, RSI started correcting lower.

In parallel, Ether's monthly Stochastic RSI indicator, which compares its closing price with the price range over a given period, also started correcting lower after identifying the cryptocurrency as overbought (a reading above 80 is considered excessively bought and below 20 is considered excessively sold). Later, in November 2017, the Stochastic RSI flipped bullish with its %K line (the blue one), which compares an asset's lowest low and the highest high to define a price range, crossing above the %D line (the saffron line), which is a moving average of %K. Meanwhile, the Stochastic RSI reading was above 20 at the time of flip, which boosted Ether's bullish continuation hopes.

Later, the Ethereum token surged by another 500%, closing above $1,200 in Jan. 2018. It coincided with RSI, forming a double top, as shown in the chart above. The entire bottom-to-top took place inside an ascending channel range with its 23.6% Fibonacci retracement level serving as support/resistance level.

The 2021 fractal repeat so far

Ether is almost mirroring the moves from the 2017 fractal as it heads into the final quarter of 2021, albeit without order. In detail, the Ethereum token rallied by 3,400% to over $4,300, sixteen months after painting a bullish Stochastic RSI cross (when its a %K line surged above the %D line). Meanwhile, the huge upside move — again — pushed Ether's monthly RSI into its overbought zone.

A consolidation period followed which saw Ether making a Bullish Hammer in July 2021, suggesting sellers had formed a price bottom. Jaydee_757, the pseudonymous analyst who first spotted the Ethereum fractal, highlighted the hammer's potential to send the Ether price flying, with a primary upside target sitting near the 2.618 Fib line (at around $13,000).

The bullish analogy also took cues from a potential Stochastic RSI bullish cross and a double top RSI, waiting to appear on Ether's monthly chart in the next "few months," similar to the one that coincided with the 500% price rally in 2018, as mentioned above.


Related

Crypto may be ready for a new leg down
Crypto may be ready for a new leg down
Cryptocurrencies wait for a signal
Cryptocurrencies wait for a signal
What are dynamic NFTs?: Use cases and examples
What are dynamic NFTs?: Use cases and examples
Shanghai Upgrade Fires Up ETH and Altcoins
Shanghai Upgrade Fires Up ETH and Altcoins
Challenges of data accessibility in the NFT market
Challenges of data accessibility in the NFT market
Is the A.I. revolution about to pump Nvidia stocks?
Is the A.I. revolution about to pump Nvidia stocks?
Five tips for investing during a global recession
Five tips for investing during a global recession
What is NFT ticketing and how does it work?
What is NFT ticketing and how does it work?
The crypto market is cheaper than a trillion again
The crypto market is cheaper than a trillion again

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 84.8% 19 $66 503.40 -0.65% 8.34% $1 310 162 140 242 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 88.4% 20 $3 078.67 -1.28% 5.59% $369 830 375 839 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000029 -0.03% 0.04% $111 438 173 122 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 88.8% 6 $573.51 -1.19% -3.22% $84 642 569 477 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 75.2% 42 $170.51 -1.50% 19.27% $76 556 546 641 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000043 -0.01% 0.01% $33 496 798 629 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 92.4% 8 $0.510333 -2.19% 2.41% $28 215 770 436 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 69.2% 65 $6.28 -2.41% -10.36% $21 813 613 872 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 80% 30 $0.149658 -2.79% 6.73% $21 604 956 344 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 86% 23 $0.465359 -3.02% 6.95% $16 604 076 150 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 75.2% 41 $0.000024 -4.04% 7.28% $13 986 369 705 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 78.4% 38 $35.58 -4.98% 8.51% $13 620 879 971 AVAX 7 days price change
13 TRON (TRX) TRX TRON predictions 86% 21 $0.121132 -1.02% -4.68% $10 591 997 443 TRX 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 89.2% 18 $0.121054 -1.15% -4.68% $10 585 118 485 WTRX 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 89.2% 18 $66 386.79 -0.80% 8.28% $10 322 918 427 WBTC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.