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ETH Analysts: Ethereum's long-term bullish pattern may push the price to US$22000
On July 17, the latest analysis released by pseudonym cryptocurrency commentator NoName pointed out that Ethereum (ETH) may be in the final stage of a long-term bullish pattern. According to this pattern, its price is expected to eventually reach US$22000. Although this forecast is highly subjective, it has intensified market discussions about whether ETH's June low marks the starting point for a broader recovery.
Analysts point to long-term chart pattern after ETH rebounds
According to charts shared by the market watchers, since 2021, Ethereum has been building what technical analysts call an "expansion wedge"-made up of five waves, each wave being larger than the previous wave. He pointed out that the first four waves have been completed, with the fourth wave gaining support in the range of $1072 to $1385. "This is the bottom where the entire structure is built," NoName explained, adding that expanding wedges often end with the fifth wave breaking through the previous cycle high. He also compared the pattern of ETH with the historical Dow Jones Industrial Average (DJIA) fractal chart, believing that the two have similar structures and may produce similar breakthroughs. Based on this interpretation, the target price is between $12000 and $22000. "Same structure, same outcome," analysts wrote,"Wave five target: $12,000-$22,000."
He also described ETH as "one of the most undervalued assets in the market right now," noting that many people have given up hope on it, which may create opportunities for long-term investors.
Another analyst, Crypto Patel, reached similar conclusions through a different framework. He said that Ethereum has always followed the Wycoff sucking model, which could eventually push assets to $10000 in 2027 or 2028 if its recent swing low of about $1500 remains intact. The trader also pointed to a resistance range of $2400 to $2600, saying it was the first major obstacle that the world's second-largest cryptocurrency had to overcome before prices rose significantly.
CryptoQuant contributor CW8900 is also optimistic. Data he shared showed that the Ethereum wallet, which holds more than 100,000 ETH units, has returned to profitability after the latest rebound. According to his observation, whales only fall into losses at major market bottoms, and their return to profit is often accompanied by a sustained rise or a significant short-term rebound.
The other side of the coin
ETH prices were very close to the $1500 level in June, but lower-than-expected U.S. inflation data released this week pushed it to a one-and-a-half-month high of $1940, before sellers pulled it back below $1900. As of press time, CoinGecko data showed that the asset was trading at close to $1800, down about 5% in 24 hours, but still rose more than 3% in the past week.
Although recent gains have improved market sentiment, not all participants are in the same direction. Analyst Crypto Rover pointed out that a recurring 1369-day cycle suggests that ETH may fall back below $1500 before forming a durable bottom.
