Ethereum’s native cryptocurrency, Ethher (Eth), has undergone a four-year price consolidation period.
The final rupture of this area does not only mark the end of a long lateralization. But that could lead to a historic bullish movementaccording to Spanish analyst and trader Pablo Gill.
The specialist points out that as Ethereum currency reached a historic (ATH) of $4,890 (ATH) in 2021, the assets were “in a very intense, lateral integration phase.”
This is reflected in the graph refined by GIL. In Gill, the formation of symmetrical triangles is observed. This is a technical analysis pattern that can be classified as bullish or bassist, as it is interpreted as neutral.
When do symmetrical triangles form? The maximum value of the asset is lowered,generates compression that converges towards the point.
To be precise, investors emphasize that the underlined triangle indicates “growth outcomes.” He further states: “This symmetrical triangle that lasts for four years, if it breaks, needs to project the height of the base. It gives us a really interesting projection. By overcoming the $4,200 barrier, we can see a medium or long-term rating, nearly $20,000.”
To size what this means, ETH should reach a market capitalization of over $2.4 billion. So, at current prices, ether is more valuable than Bitcoin (BTC).
It is worth noting here that Gill thinks it is “impossible” to reach that price level in the short term.
Also, “There is no guarantee that the triangle bursts and nothing will prevent it from rotating to the lower band.”
However, according to his vision, the ETH route still goes well ahead as it represents “the substantial advantages in how things were done before.” On that line he argues that “From there, ETH is very interesting and deserves a penalty to have it on the radar,” highlighting the potential for technology transformation compared to traditional systems.
This is because ETH is the fuel for Ethereum and helps to fire all the machines in its ecosystem. This is going From smart contracts to distributed applications (DAPPS) and other servicesUnlike many cryptocurrencies, there is no clear use or support for solid networks.
It should be noted that Gill is not the only one who talks about the “substantial advantages” of Ethereum. For example, as reported by Cryptootics, Hunter Horsley, CEO of Bitwise Digital Asset Management Firm, believes that the network created by Vitalik Butein is trying to transform the technological foundations of financial services, social networks and other digital platforms.
