Weslad suggests that Ethereum is on the verge of completing a massive ABCDE wave structure within a years-long “symmetrical pennant.” This implies that a major price shift is imminent.

In a recent analysis, Weslad noted that Ethereum’s price movements since hitting its all-time high of $4,851 have formed a significant consolidation pattern. He believes that this pattern is nearing a crucial turning point, referred to as wave D, where it is challenging its upper limit.

Simultaneously, an optimistic Inverse Head and Shoulders (IH&S) pattern is surfacing on the daily chart. The neckline of this pattern is posing as a solid resistance near $2,855. This technical combination implies a potential market surge, with Weslad stating:

“A confirmed breakout above the neckline [$2,855] would likely validate both the IH&S and the breakout from wave D, setting the stage for a potential expansion move toward the $6,000 target and beyond.”

Jeremy Fielder, another strategist, supports Weslad’s bold prediction, stating in a recent video that Ethereum could reach $6,500 by year’s end and possibly $10,000 in early 2023. Fielder’s prediction is based on the growing acceptance of Web3 and a favorable regulatory shift.

While not as ambitious as Weslad’s and Fielder’s predictions, market watcher Titan of Crypto’s $4,100 target is also plausible. This is based on Ethereum successfully bouncing back within its vital weekly trading range, indicating that momentum is building towards the range high.

However, Weslad also warns of a potential bear trap. If Ethereum faces resistance at the crucial $2,855 neckline or the upper limit of the pennant, a decline into wave E could occur. This could potentially lead to a 40% price drop, dragging the price down to a “high-confluence demand zone” ranging from $1,400 to $1,800.

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