With increased momentum across the general market, several major crypto assets such as Ethereum have shifted to an upward direction. As a result optimism about ETH Witnessing a short-term rally has increased significantly among crypto enthusiasts, attributing the much-anticipated move to previous cycling trends.
A big rally for Ethereum is expected in January
As the new year begins, market expert and trader Ether Naysonal has delved into Ethereum’s recent price action, emphasis a bullish view. After examining ETH’s movement over the monthly time frame, the expert underlined that the altcoin could be poised for a significant price rally in January.
Ether Naysonal made the bold prediction citing historical price trends that point to a bullish month for ETH. The expert points out Ethereum has previously shown positive momentum during the month during similar market cycles, with a streak of sustained gains interspersed with notable gains.
While ETH is approaching critical levels, Naysonal believes this positive strength may indicate an incoming parabolic run in January. Paying attention to past trends, Ethereum began its parabolic rise in January 2021 after a successful retest in December 2020.
It is worth noting that this development triggered a huge rally for ETH, which reached a new all-time high and market peak in the 2021 cycle. With the monthly chart mirroring the same pattern, Naysonal suggests a similar price rally to kick-start the month, possibly to the $9,500 level.
Should the previous trends repeat, the $9,500 milestone could prove to be the peak of this market cycle. Meanwhile, market watchers are monitoring several trends and indicators to gauge ETH’s next trajectory as the bull cycle extends.
ETH’s path to $6,000 remains intact
Ali Martinez, a technical and on-chain analyst, has delved into ETH’s performance predicted a rise to a new all-time high at the $6,000 level. His prediction comes as the altcoin faces increased volatility, slowing the much-anticipated rally.
Ethereum’s path to the $6,000 milestone is bolstered by a rising parallel channel formation, a key pattern indicating upward momentum. An ascending parallel channel is a bullish price action enclosed within two upward sloping parallel lines characterized by higher peaks and higher valleys.
It is important to note that Ethereum has been trending within the ascending parallel channel since 2022, with each recovery from the lower limit leading to a notable increase. According to Ali Martinez, ETH continues to hold strong within the critical chart pattern despite the volatility. As a result, he foresees a move towards the $6,000 mark in the near term.
At the time of writing, ETH was trading at $3,668, slowly approaching $3,700 with a 1% increase in the last 24 hours. Investor sentiment has weakened, as indicated by just 0.15% in its trading volume over the past day.
