The Ethereum price breakout has been a hot topic in the crypto community, with analysts providing insights and predictions on how high the price could go. One such analyst, BallaJi, has raised the possibility of Ethereum reaching $18,000 in the future. This bullish outlook comes on the heels of Ethereum recently breaking above $4,000 for the first time since March of this year.
In a TradingView post, BallaJi explained that based on logarithmic projections, the Ethereum price could potentially reach $18,000. However, he noted that this price rally might not happen until later this decade. With Ethereum’s circulating supply of 120.44 million ETH, a price target of $18,000 would give the cryptocurrency a market cap of around $2 trillion.
BallaJi highlighted three logarithmic targets on the chart, with $18,000 being the third and final target. The first and second targets are at $3,818 and $6,236 respectively. The analyst noted that Ethereum has already reached and retested the first target at $3,818, with the trade now active.
Looking ahead, BallaJi provided insights into how the Ethereum price could continue its upward trend using linear measured moves. The next linear target is at $5,193, which would mark a new all-time high for ETH. The following target is at $7,299, with BallaJi’s chart indicating that Ethereum could hit these price targets by next year, paving the way for a potential rally to $18,000 in the future.
Meanwhile, other crypto analysts have also weighed in on Ethereum’s price potential. Justin Bennett stated that the countdown to a new all-time high for Ethereum has begun, with the possibility of ETH rallying quickly above $5,000. Titan of Crypto also predicted an imminent Ethereum price rally to $5,000, with the potential for even higher prices in the future.
At the time of writing, the Ethereum price is trading at around $3,980, showing a nearly 3% increase in the last 24 hours. As the crypto market continues to evolve, all eyes will be on Ethereum and its potential for further price growth in the coming months and years.