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The gold fractal chart and other technical indicators suggest that Ethereum is expected to rise to $6000.
Gate News bot message indicates that years of gold fractal charts may suggest that the ETH price will rise to $6,000 in the coming months. Comparing the charts of ETH and gold side by side reveals that both have a similar multi-year accumulation structure from 2019 to 2024.
Both assets exhibit almost identical five-point patterns: two local tops, two deep pullbacks, and a rounded bottom, followed by a breakout.
Gold completed this pattern after breaking through 2,100 USD in early 2024, subsequently rising over 60%, reaching a historical high of over 3,400 USD.
ETH seems to be following the same trend at the moment, currently rebounding from a low near $1,600 and approaching the resistance level of $3,000-$3,500—similar to the breakout point of gold.
In addition, another fractal further reinforces the bullish outlook for Ethereum, suggesting that the price of ETH is expected to reach $6,000 in the coming months.
Technical analyst Crypto Eagles stated that Ethereum seems to be replaying in the current 2024-2025 cycle and may lay the foundation for a new all-time high.
The pattern it focuses on follows four different stages: a consolidation range lasting several months, intense oscillations that trap late-stage bulls, a breakout of resistance levels, and finally a parabolic rebound.
In 2017, this structure led to ETH rising from below $10 to above $1,400, an increase of over 1,000%.
Currently, the trend of Ethereum is similar to this, with its range between $1,600 and $4,000, followed by a significant pullback, and it is now rebounding to the potential breakout area around $3,500 to $4,000.
Crypto Eagles believes that if the "candlestick" fractals continue to play out, Ethereum may rebound to the range of $5,000 to $6,000 in the coming months.
"The only difference now is that the base has expanded by 100 times," the analyst explained, "The fundamentals have strengthened by 10 times. A cycle reaching between $5,000 and $6,000 is relatively easy."
Source: Cointelegraph