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After reaching a peak of well over $4,000 two weeks ago, Ethereum Price has dropped to around $3,000 in a flash. The broader crypto market slump wreaked havoc on ETH and the rest of the altcoins, and even brought Bitcoin to its knees. If previous market cycles are any indicator, the fall might be the start of a rising trendline that propels the top-ranked crypto to around $10,000 per ETH. 

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Bitcoin and Ethereum both skyrocketed during the 2017 bull market as money poured into the market. Much of that money went to ICOs, which just added to the FOMO for ETH.

Will Ethereum (ETH) Price Hit $10K?

Things are extremely different today. The market is carried on the back of the most major altcoin in the field. Sure, this means higher fees and slower transactions, but that’s because DeFi and NFTs are such major deals. 

These two transformative innovations are also due to Ethereum, and while rival chains may eventually overtake it, the first-mover advantage is difficult to beat. Even if the altcoin’s price dropped recently, the drop was purely technical, and the fundamentals remain optimistic. This could mean that the recent selloff was the bottom and that after some hovering in an upward pattern, ETH might break out to $10,000.

The pattern in question is an ascending triangle pattern, as shown in the image above. The pattern also resembles the last bull market’s last consolidation period, before Ethereum hit all-time highs and the bear market began. 

This time around, Ether has a lot more going for it, but after a run from $4,000 to $10,000, the market may require a reset – just as it did after the increase from $500 to $4,000 last year. 

The structure’s aim, according to one trader who is also seeing the pattern play out, will be $10,000 per ETH. The price action would fit if an ascending pitchfork channel and certain bars from the previous breakthrough were projected ahead.

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Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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‘Be Patient- Bitcoin Price To Recover’ Says A Popular Analyst

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The global market capitalization for the past couple of days is experiencing an extreme drain. Most of teh crypto assets are registering a consecutive 5 red daily candles in a row. The huge selling pressure accumulated on the Bitcoin price has compelled it to bottom below $38,000. By trending very close to the support levels around $37,000, the fear of BTC price revisiting levels around $34,000 hovers. 

Despite the bearish sentiments surrounds the assets, yet it is believed that the price will recover very soon. A popular analyst Alan Santana, suggests his followers to patiently wait until the price flips the bears. He also said that some people are already giving up Bitcoin, falling into the trap of ‘Panic Selling’. And also asked his followers not to join them, rather wait until the next pump.

Also Read: Dogecoin Price Feared To Continue With A Bearish Trend, Is $0.2 At Stake?

btcchart

The price seems to be following the path led by the analyst as it bounced significantly on visiting the support zone at $37,978. With a significant bounce, the price could surge close to $40,000 or above. However, yet the chances of forming lower lows still hover the rally. And in such a case, the price could even visit the lower support at $35,700 and rebound. 

However, $35,700 are among the strong support levels and if in case, the Bitcoin price fails to sustain, then a plunge below $34,000 may be imminent. But considering the indicators, the RSI has already bounced back and MACD showcases ease in the selling volume. And hence considering the factors a bounce above $40,000 may be on the way for BTC price.

Also Read: Cardano(ADA) Price Spikes As Bitcoin & Ethereum Yet To Manage The Trembled Situation!

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