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Ethereum is Mimicking Dow Jones Breakout: Is $8K ETH Price Next?
In a fascinating market analysis, technical analysts have discovered striking similarities between the current price action of Ethereum (ETH) and a historic breakout in the Dow Jones Industrial Average (DJIA). This unexpected parallel has led some experts to speculate about the potential for ETH’s price to reach new heights, with a possible target of $8,000.
The astonishing similarity between these two market giants lies in their identical wave structure. ETH is reportedly completing a five-wave Elliott cycle that began in 2019, mirroring an identical pattern seen in DJIA’s chart during the 1980s. This convergence has led some analysts to project a similar outcome for Ethereum’s future price performance.
According to this analysis, ETH is currently undergoing an expanding diagonal, a structure historically associated with exhaustion-driven price spikes. The token appears to be midway through sub-wave b of this pattern, which could potentially set the stage for a retest of the upper boundary before an aggressive breakout via Wave c.
One notable analyst, Gert van Lagen, has drawn parallels between ETH’s current market structure and DJIA’s earlier five-wave expansion. He highlights that each correction within these waves remains corrective, aligning with textbook Elliott Wave mechanics. As per this analysis, Ethereum is already inside its final breakout wave, which raises the possibility of a parabolic run.
This prediction does not contradict other market insights but instead frames potential short-term corrections as part of a broader wave structure. Another expert has forecasted ETH’s price to reach $12,000 in the near future based on a symmetrical triangle breakout visible on ETH’s multi-year 1D chart, although it remains unclear when this confirmation would take place.
It is essential to note that such predictions are subject to market fluctuations and should not be taken as investment advice.
Source: coinchapter.com
