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.
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.
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.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||78.8%||42||$57 317.30||6.05%||0.30%||$1 082 493 482 173|
|2||ETH||Ethereum predictions||82.4%||32||$4 329.98||7.71%||4.10%||$513 241 890 424|
|3||BNB||Binance Coin predictions||74.4%||53||$609.13||5.53%||7.08%||$101 603 589 194|
|4||USDT||Tether predictions||94.8%||1||$1.000821||-0.05%||0.02%||$73 181 280 297|
|5||SOL||Solana predictions||69.2%||65||$201.89||8.26%||-7.12%||$61 384 548 102|
|6||ADA||Cardano predictions||67.2%||60||$1.59||7.07%||-11.22%||$52 994 241 732|
|7||XRP||XRP predictions||74.4%||51||$0.977796||7.55%||-5.78%||$46 111 849 720|
|8||USDC||USD Coin predictions||91.2%||2||$1.000263||-0.02%||0.06%||$38 400 714 618|
|9||DOT||Polkadot predictions||66%||75||$36.34||10.39%||-9.36%||$35 892 371 416|
|10||DOGE||Dogecoin predictions||62.4%||74||$0.205075||3.31%||-7.25%||$27 132 327 967|
|11||AVAX||Avalanche predictions||66.8%||75||$113.04||7.34%||-14.94%||$25 302 145 754|
|12||SHIB||SHIBA INU predictions||62%||77||$0.000040||5.31%||-9.51%||$21 695 676 622|
|13||CRO||Crypto.com Chain predictions||56%||90||$0.763021||5.29%||12.83%||$19 276 211 216|
|14||LUNA||Terra predictions||64.8%||72||$48.97||15.39%||19.64%||$19 240 048 048|
|15||WBTC||Wrapped Bitcoin predictions||74.4%||46||$56 434.66||5.79%||-0.91%||$14 304 839 863|
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