The cryptocurrency market is abuzz with discussions around Ethereum, which recently experienced a significant price breakthrough by surpassing the $4,000 mark for the first time since March this year. Renowned crypto analyst BallaJi has shared intriguing insights on the potential future trajectory of Ethereum’s price, suggesting a possibility of it reaching an astounding $18,000.
Exploring the Path to $18,000 for Ethereum
In a detailed analysis shared on TradingView, BallaJi outlined a scenario where Ethereum could soar to $18,000. He based his prediction on logarithmic projections, emphasizing that should a High Volume Formation (HVF) complete, Ethereum could achieve this ambitious target. However, he cautioned that such a rally might not occur as early as 2025, indicating a longer-term perspective.
Despite the time frame uncertainty, BallaJi remains optimistic that Ethereum could eventually hit the $18,000 mark later this decade. Achieving this target would elevate Ethereum’s market cap to approximately $2 trillion, considering the current circulating supply of 120.44 million ETH.
Analyzing the Logarithmic Targets
BallaJi identified three key logarithmic targets in his analysis, with $18,000 being the ultimate goal. The earlier targets are set at $3,818 and $6,236. Interestingly, Ethereum has already reached, broken, and retested the initial target of $3,818, activating the trade setup for further upward movement.
Utilizing linear measured moves, BallaJi provided additional insights into Ethereum’s potential growth trajectory. His chart indicated that the next linear target is $5,193, which would represent a new all-time high (ATH) for Ethereum, surpassing its previous ATH of $4,800. Following this, the subsequent target is $7,299, expected to be reached by next year. This progression could set the stage for Ethereum to eventually approach the $18,000 milestone, even though it may not happen as early as 2025.
Countdown to a New All-Time High
Adding to the bullish sentiment, another prominent crypto analyst, Justin Bennett, mentioned in a recent social media post that the countdown to a new ATH for Ethereum has commenced. Bennett anticipates a swift rally, predicting that Ethereum could quickly rise above the $5,000 threshold within the week, potentially paving the way for it to hit $6,300.
Similarly, crypto analyst Titan of Crypto echoed this optimism, forecasting an imminent rally to $5,000. He noted that Ethereum’s current market structure resembles that of Bitcoin’s from weeks prior, suggesting that $5,000 is merely a conservative estimate and that Ethereum could surpass this level.
As of now, Ethereum is trading at approximately $3,980, showing an increase of nearly 3% in the past 24 hours, according to CoinMarketCap data. Such upward momentum indicates a positive outlook for Ethereum enthusiasts and investors alike.
