A cryptocurrency analyst has identified the Golden Triangle, a rare structure that has been forming on the Ethereum (ETH) chart for nearly nine years. According to the analyst, Ethereum price remained within this triangle during bullish and bearish periods.
However, he says the cryptocurrency is now approaching the top of the triangle pattern, indicating an upcoming breakout in either an upside or downside direction. Depending on the direction of this breakout, the analyst predicts ETH’s next move and potential target price.
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Ethereum’s Golden Triangle could lead to a rally of up to $10,000
Market analyst identified as “Merlijn The Trader” on X subscriber New analysis of the Ethereum price, presenting bullish and bearish scenarios. In a post shared on April 24, Merlin said that the price of Ethereum is currently trading Golden triangle pattern It has maintained its structure since 2017, two years after the launch of the cryptocurrency in 2015.
According to the analyst, this pattern has withstood several major events that caused sharp price fluctuations during all of them. He pointed out Covid 2020 crisiswhen most cryptocurrencies suffered sharp declines, including ETH, which also collapsed significantly. However, he noted that Ethereum continued to hold within the Golden Triangle.
The same pattern remained intact throughout Bear market 2022which followed ETH’s massive rise to an all-time high Over $4,800 in 2021. He added that even after peaking in 2026 and undergoing another major correction, Ethereum remained inside the triangle without breaking its structure.
Since the structure has remained stable through all these ups and downs, Merlin believes that ETH could be the same now Approaching a decisive breakthrough From the formation of nine years. Looking at the accompanying chart, he noted that ETH is approaching the apex, the highest point, in the Golden Triangle, where breakouts often occur.
Once the price reaches this top, there are two possible outcomes: Ethereum could break out to the upside or move down through the bottom of the structure.
In its bullish case, Merlin believes that a bullish breakout could send Ethereum above $4,350 and push its price towards a measured level. The goal is about $10,000. Given how long the triangle has held, Ethereum is expected to continue the upward trend, with occasional pullbacks, until it eventually reaches an ambitious peak above $56,000. He put this up Long term price target In 2028, suggesting that the rise may extend over the next two years.
ETH bear status if the price drops below the triangle
As for a bearish scenario, Merlijn The Trader noted that if Ethereum decides to go the opposite direction to a breakout below the triangle, this move could lead to a drop towards $1,950. Currently, Ethereum is trading above the $2,300 level, following its price Recent rally which saw a rise of over 36%.
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If the cryptocurrency falls to $1,950, it would represent a decline of more than 15% from current prices. However, despite identifying downside risks, Merlin remains confident that a breakout to the upside could be the likely scenario.
Featured image from Unsplash, chart from TradingView
