Can Ethereum Price Hit $15,000 Based on This Pattern?

Ethereum has suffered a short-term correction as the recent bull run took a breather. Bitcoin’s 6% crash has caused altcoins, including ETH, to go haywire, causing billions of US dollars in liquidations. Despite leading indicators like the altcoin season index and fear and greed index dropping. the long-term outlook of Ethereum and the broader crypto market remains bullish. Technicals suggest that the five-year Ethereum price pattern breakout could lead to a $15,000 target.

Ethereum Price Suffers Short-term Correction

Ethereum price has crashed by 8.7% from its highest level this year. This decline happened because of the ongoing Bitcoin price action. After soaring to a record high of $104,200, Bitcoin retreated below $98,000, likely because of profit-taking. Altcoins like Ether often decline when Bitcoin is falling due to the high correlation that altcoins have with respect to BTC. 

The decline triggered a wave of liquidations as some bullish investors were caught off-guard. Data by CoinGlass shows that Ethereum longs suffered a nearly $200 million liquidation, higher than Bitcoin’s $131 million. Ethereum’s short sellers suffered a $27 million liquidation in the last 24 hours. 

Ethereum Liquidations

The recent crash seems like short-term noise and will not matter when looking at the big picture. This drop will serve as a buying opportunity that could lead to a strong bullish breakout over time. Besides, Ethereum still has solid fundamentals and backing of tradfi giant like BlackRock. With such support, can ETH hit $15,000 as noted in our Ethereum price forecast?

ETH Technical Analysis: Can Ethereum Hit $15,000?

A well-detailed Ethereum price chart points to a potential rally to $111,728 in the long term. Such a move would push its market cap from $448 billion today to about $15.3 trillion, making it bigger than Apple, NVIDIA, Microsoft, and Amazon, combined. 

The weekly chart starting from 2015 shows that ETH price has been moving in unique and repeatable cycles. It initially formed a bullish flag chart pattern between 2015 and 2017. 

This pattern is made up of a long vertical line, followed by a rectangle shape. In most cases, it usually leads to a strong bullish breakout. In this case, the coin rallied to the flag projection at $313 in 2017. 

The coin then formed the pole of the bullish pennant pattern between 2020 and 2022. It has now been forming the triangle section of the pennant pattern. Like a bullish flag, a pennant often leads to a strong breakout. 

Using the flag pole for the projection brings the next target at $111,728. But since this target seems unachievable for now, the most viable Ethereum price target is $15,313, up by 305% from the current level. Such a rally is achievable, as we saw with Stellar and Ripple, which soared by about 500% in November.

Ethereum Price Chart

The invalidation point for this bullish ETH forecast will be at $890, its lowest level in June 2022 and 76% below the current level. This price is also at the lower side of the pennant’s triangle pattern. A drop below that level could push the coin to the 2020 low of near $100.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.