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Ethereum, which has seen a significant jump in long-term holders in 2024, could potentially rally to as high as $6,000 in Q1 2025, according to analysts.
In a Dec. 29 X post, CryptoBullet, who has over 152k followers, noted that Ethereum is in the process of forming a bull pennant pattern on the 1-day ETH/USDT chart. He expects this pattern to be completed in the coming months, potentially leading to a massive surge to as high as $6,000 within Q1 2025.
In technical analysis, a bull pennant pattern forms after an asset experiences an uptrend and typically indicates a potential continuation of the rally.
The analyst recalled price action seen in May 2021 when ETH rallied past $4,000 for the first time after breaking out of a similar pattern in Q1 that year. 3 replies
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