The Ethereum price has once again crossed the $4,500 threshold, trading just 9% below its all-time high of $4,946, prompting a surge of bullish predictions for the leading altcoin.\u00a0<\/p>\n
Market expert Gert van Lagen took to X (formerly Twitter) to share his insights, suggesting that the Ethereum price is currently following a \u201ctextbook\u201d expanding diagonal pattern on its biweekly chart.<\/p>\n
As seen in the expert\u2019s chart below, this expanding diagonal pattern<\/a> is characterized by a series of rising trend lines, indicating a potential reversal from a downtrend to an uptrend.\u00a0<\/p>\n Over the past month and a half, the Ethereum price has consolidated between $4,200 and $4,600, with a brief drop towards $3,800 on September 25th. This met significant demand, resulting in a swift recovery of the $4,000 support level.\u00a0\u00a0<\/p>\n By connecting the lower points of these downward movements\u2014known as waves 2 and 4\u2014with the upper points of waves 1, 3, and 5, a triangular or diagonal shape emerges.\u00a0<\/p>\n According to van Lagen\u2019s analysis<\/a>, this pattern signifies a shift in momentum for the Ethereum price from bearish to bullish, often leading to a significant upward breakout. Bitcoin (BTC) led the market recovery also approaching record levels above $120,000.<\/p>\n Van Lagen noted that Ethereum\u2019s Wave v is nearing completion, supported by a final corrective a-b-c wave. Specifically, Wave a has successfully broken above the crucial resistance level of $3,650, retested it for support in the b wave, and is now poised for the final impulse in wave c, aiming for an ambitious target range of $9,000 to $18,000.<\/p>\n Adding to the optimistic sentiment, market analyst Mr. Wall Street has expressed <\/a>a similarly bullish outlook, asserting that the Ethereum price is on track to reach its final price target for this cycle, estimated between $7,000 and $8,000.\u00a0<\/p>\n However, both analysts agree that Ethereum\u2019s ability to surpass its previous record <\/a>near the $5,000 mark will be pivotal as this level is expected to act as a significant resistance barrier should the current recovery continue.<\/p>\nThe Path Forward For ETH<\/h2>\n