Ethereum to $7K? Pattern Points to All-Time High

Price of Ethereum to $7? Recently, a chart pattern has caught the attention of analysts: a possible “head and shoulders” pattern that, if confirmed, could propel the price of Ethereum to new heights.

The head and shoulders pattern is a classic chart pattern that often indicates a bearish to bullish trend reversal. In the case of Ethereum, this pattern has been observed by some analysts, such as Ali Martinez, who believes that if the price stays above the $2.700 zone, the bullish structure could be confirmed, paving the way for a potentially impressive rise to $7.

“If this is a head and shoulders pattern, Ethereum $ETH must hold above $2.700 to keep the bullish structure intact and have a shot at $7.000!” wrote or specialist.

If the head and shoulders pattern plays out, Ethereum could have a promising future ahead of it. Reaching the $7.000 mark would represent a significant upside for the cryptocurrency, which could attract new investors and further fuel its growth.

In another analysis, Martinez noted that an ascending parallel channel could take Ethereum price towards the $6.760 level. “If this is an ascending parallel channel, Ethereum $ETH must hold the $2.750 support level to set the stage for a recovery to $6.760!” stated .

The rally would see ETH set a new all-time high. The highest price paid for Ethereum (ETH) was $4.878,26, recorded on November 10, 2021 (approximately 3 years ago). At the time of publication, the price of Ethereum was trading at $2.568,89, down 16.8% in the last 24 hours. In comparison, the current price is 48,30% lower than the all-time high.

It is worth noting that the cryptocurrency market faces  a significant drop at the start of the week, with the price of Bitcoin (BTC) today falling almost 9% to $91.200. Other major cryptocurrencies, such as Ether (ETH), Cardano (ADA), Solana (SOL) and XRP, also recorded significant losses. According to market data, this drop occurred simultaneously with the start of trading in Asia and a decline in the SP 500 Index Futures, which opened the week with a decrease of almost 2%.