A crypto expert has identified the Golden Triangle, a rare pattern that has been formed on the Ethereum (ETH) chart for almost nine years. According to the analyst, the price of Ethereum has remained within this triangle during bullish and bearish periods.
However, it is said that the cryptocurrency is now approaching the top of the triangle pattern, indicating an impending breakout to the upside or downside. Depending on the nature of the explosion, the expert predicted The next movement of ETH is the possible price.
Collaborative Reading
Ethereum Golden Triangle May Trigger a $10,000 Rise
Market expert known as ‘Merlijn The Trader’ on X said he shared A new analysis of the price of Ethereum, showing both bullish and bearish trends. In a post shared on April 24, Merlijn said that Ethereum’s price is currently trading within example of the Golden Triangle which has maintained its structure since 2017, two years after the cryptocurrency was launched in 2015.
According to the expert, the model has faced several major events that caused the prices to fluctuate significantly throughout the period. He pointed to the problem of COVID 2020while many cryptocurrencies suffered heavy losses, including ETH, which also fell sharply. Despite this, he said that Ethereum continued to hold within the Golden Triangle.
The same pattern remained constant during this period 2022 bear marketwhich followed ETH’s usual explosion top $4,800 in 2021. He said that even after reaching the peak in 2026 and another major correction, Ethereum remained within the triangle without breaking its structure.
Because this structure has been strong in both cases, Merlijn believes that ETH can be approaching a certain explosion from the age of nine. Looking at his next chart, he noticed that ETH is getting closer to the top, the highest point, the Golden Triangle, where breakouts usually occur.
When the price reaches this peak, two outcomes are possible: Ethereum can break above or fall below the price.
Instead, Merlijn believes that a breakout could send ETH above $4,350 and push its price towards the benchmark. target of around $10,000. Given how long the triangle has lasted, expect Ethereum to continue further, and pull back at times, until it finally reaches the desired level above $56,000. He posted this long term value in 2028, suggesting that the conference may continue for the next two years.
ETH Bear Case If Price Breaks Below Triangle
In his bearish scenario, Merlijn The Trader said that if Ethereum decides to go in a different direction to break below the triangle, this move could lead to a decline of $1,950. Currently, Ethereum is trading above $2,300, following its own the latest rally has seen it rise more than 36%.
Collaborative Reading
If the cryptocurrency falls to $1,950, it will represent a drop of more than 15% from the current price. Even so, even after explaining the danger, Merlijn remains confident that the escape will be possible.
Image taken from Unsplash, chart from TradingView
