{"id":546360,"date":"2023-08-09T08:55:33","date_gmt":"2023-08-09T08:55:33","guid":{"rendered":"https:\/\/wncen.com\/?p=546360"},"modified":"2023-08-09T08:50:41","modified_gmt":"2023-08-09T08:50:41","slug":"ethereum-historical-playbook-points-3800-coming-months","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-historical-playbook-points-3800-coming-months\/","title":{"rendered":"Ethereum: Historical Playbook Points To $3,800 In Coming Months"},"content":{"rendered":"

Renowned analyst Josh Olszewicz has shared some compelling insights on Ethereum’s price trajectory. Drawing parallels from historical patterns, Olszewicz’s analysis<\/a> suggests that Ethereum might be gearing up for a significant rally in the coming months.<\/p>\n

Historical Pattern: Ethereum Forms Ascending Triangle<\/h2>\n

Olszewicz starts by highlighting Ethereum’s current price pattern, jokingly stating, “Ethereum: ascending triangle 450 million years in the making w\/fib extensions to $3k.” This ascending triangle, characterized by a flat top and rising bottom, has been forming since May 2022, and if history is any guide, it could be a bullish sign for Ethereum.<\/p>\n

\"Ethereum
Ethereum ascending triangle | Source: Twitter @CarpeNoctom<\/figcaption><\/figure>\n

Descending volume, another feature of this pattern, further strengthens the bullish bias. However, Olszewicz cautions that the “bias remains bullish until price breaks below diagonal support.” He also points out the psychological resistance at $2,000, noting it as an “extremely obvious signal that it’s go time, which should help the breakout.”<\/p>\n

Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF<\/a><\/div>\n

To bolster his analysis, Olszewicz draws parallels from Bitcoin’s past. He recalls, “take BTC in 2015\/2016 [the price formed an ascending triangle for 210 days with descending volume] and BTC in 2018\/2019 [ascending triangle for 130 days with descending volume] as examples.” In both instances, Bitcoin surged towards the Fibonacci extension levels post the breakout.<\/p>\n

Ethereum itself isn’t a stranger to such patterns. Olszewicz cites, “ETH has also had previous examples in 2017 (bullish continuation) and 2019 (bullish reversal).\u201d Each ascending triangle pattern lasted 180 days. Both times ETH surged towards the 2.618 Fibonacci extension level.<\/p>\n

\"Ethereum
History of ascending triangles for ETH | Source: Twitter @CarpeNoctom<\/figcaption><\/figure>\n

Drawing from these historical patterns, Olszewicz suggests that Ethereum is currently holding the potential to overshoot the 1.618 Fibonacci level and possibly reach the 2.618 level, which translates to a price of $3,800. However, he wisely advises, “but don’t get out the imaginary profit calculator just yet, let’s break $2k first.”<\/p>\n

ETH vs. BTC: Which One Is The Better Trade?<\/h2>\n

While Ethereum’s potential rally is intriguing, Olszewicz also delves into its performance relative to Bitcoin. He observes that Ethereum has underperformed Bitcoin year-to-date, attributing this to the ETF narrative and Bitcoin’s dominance as hard money. He speculates, “the better trade may continue to be BTC\/USD, especially with initial spot ETF inflows favoring BTC.”<\/p>\n

Related Reading: Why Is Bitcoin And Crypto Surging Today?<\/a><\/div>\n

However, if the ETH\/BTC pair can break and sustain new highs, it might hint at a runaway trade for Ethereum. But Olszewicz remains skeptical, stating it’s “unlikely based on ETF flows.”<\/p>\n

Olszewicz also doesn’t shy away from discussing potential bearish scenarios. He’s closely watching certain bearish ETH\/BTC levels, including the current local low at 0.050 and the previous inverse head and shoulders neckline at 0.039.<\/p>\n

\"Bearish
Bearish ETH\/BTC levels | Source: Twitter @CarpeNoctom<\/figcaption><\/figure>\n

For Bitcoin, he suggests a potential move to $42,000, provided it maintains certain bullish conditions. He notes, “as long as we can maintain prices above the midline of the PF & stay in the cloud, we have a decent shot at reaching $42k before<\/a> halving.”<\/p>\n

Wrapping up his analysis, Olszewicz envisions a dream trade where Bitcoin breaks bullish first, possibly due to technicals or a spot ETF approval<\/a>. In this scenario, Ethereum breaks $2,000 but lags behind Bitcoin, leading to ETH\/BTC getting \u201ccrushed, allowing for an eventual profit taking rotation from Bitcoin to Ethereum\u201d. However, he concludes with a word of caution: “without inflows, we ain’t movin.”<\/p>\n

At press time, ETH traded at $1,860.<\/p>\n

\"Ethereum
ETH remains in a lull, 1-day chart | Source ETHUSD on TradingView.com<\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Renowned analyst Josh Olszewicz has shared some compelling insights on Ethereum’s price trajectory. Drawing parallels from historical patterns, Olszewicz’s analysis suggests that Ethereum might be gearing up for a significant rally in the coming months. Historical Pattern: Ethereum Forms Ascending Triangle Olszewicz starts by highlighting Ethereum’s current price pattern, jokingly stating, “Ethereum: ascending triangle 450 million years in the making w\/fib extensions to $3k.” This ascending triangle, characterized by a flat top and rising bottom, has been forming since May 2022, and if history is any guide, it could be a bullish sign for Ethereum. Descending volume, another feature of this pattern, further strengthens the bullish bias. However, Olszewicz cautions that the “bias remains bullish until price breaks below diagonal support.” He also points out the psychological resistance at $2,000, noting it as an “extremely obvious signal that it’s go time, which should help the breakout.” Related Reading: Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF To bolster his analysis, Olszewicz draws parallels from Bitcoin’s past. He recalls, “take BTC in 2015\/2016 [the price formed an ascending triangle for 210 days with descending volume] and BTC in 2018\/2019 [ascending triangle for 130 days with descending volume] as examples.” In both instances, Bitcoin surged towards the Fibonacci extension levels post the breakout. Ethereum itself isn’t a stranger to such patterns. Olszewicz cites, “ETH has also had previous examples in 2017 (bullish continuation) and 2019 (bullish reversal).\u201d Each ascending triangle pattern lasted 180 days. Both times ETH surged towards the 2.618 Fibonacci extension level. Drawing from these historical patterns, Olszewicz suggests that Ethereum is currently holding the potential to overshoot the 1.618 Fibonacci level and possibly reach the 2.618 level, which translates to a price of $3,800. However, he wisely advises, “but don’t get out the imaginary profit calculator just yet, let’s break $2k first.” ETH vs. BTC: Which One Is The Better Trade? While Ethereum’s potential rally is intriguing, Olszewicz also delves into its performance relative to Bitcoin. He observes that Ethereum has underperformed Bitcoin year-to-date, attributing this to the ETF narrative and Bitcoin’s dominance as hard money. He speculates, “the better trade may continue to be BTC\/USD, especially with initial spot ETF inflows favoring BTC.” Related Reading: Why Is Bitcoin And Crypto Surging Today? However, if the ETH\/BTC pair can break and sustain new highs, it might hint at a runaway trade for Ethereum. But Olszewicz remains skeptical, stating it’s “unlikely based on ETF flows.” Olszewicz also doesn’t shy away from discussing potential bearish scenarios. He’s closely watching certain bearish ETH\/BTC levels, including the current local low at 0.050 and the previous inverse head and shoulders neckline at 0.039. For Bitcoin, he suggests a potential move to $42,000, provided it maintains certain bullish conditions. He notes, “as long as we can maintain prices above the midline of the PF & stay in the cloud, we have a decent shot at reaching $42k before halving.” Wrapping up his analysis, Olszewicz envisions a dream trade where Bitcoin breaks bullish first, possibly due to technicals or a spot ETF approval. In this scenario, Ethereum breaks $2,000 but lags behind Bitcoin, leading to ETH\/BTC getting \u201ccrushed, allowing for an eventual profit taking rotation from Bitcoin to Ethereum\u201d. However, he concludes with a word of caution: “without inflows, we ain’t movin.” At press time, ETH traded at $1,860. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":546362,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"video","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,1119,8323,4854,1946,8686],"class_list":["post-546360","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-btc","tag-eth","tag-ether","tag-ethereum","tag-ethusd","post_format-post-format-video"],"acf":[],"yoast_head":"\nEthereum: Historical Playbook Points To $3,800 In Coming Months<\/title>\n<meta name=\"description\" content=\"Drawing parallels from historical patterns, Olszewicz suggests that Ethereum might be gearing up for a major rally in the coming months.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum: Historical Playbook Points To $3,800 In Coming Months","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-historical-playbook-points-3800-coming-months\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-historical-playbook-points-3800-coming-months\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1421085050.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1421085050.jpg?fit=1258%2C833"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","eth","ether","ethereum","ethusd"],"dateCreated":"2023-08-09T08:55:33Z","datePublished":"2023-08-09T08:55:33Z","dateModified":"2023-08-09T08:55:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum: Historical Playbook Points To $3,800 In Coming Months\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-historical-playbook-points-3800-coming-months\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-historical-playbook-points-3800-coming-months\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1421085050.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1421085050.jpg?fit=1258%2C833\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"eth\",\"ether\",\"ethereum\",\"ethusd\"],\"dateCreated\":\"2023-08-09T08:55:33Z\",\"datePublished\":\"2023-08-09T08:55:33Z\",\"dateModified\":\"2023-08-09T08:55:33Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/08\/iStock-1421085050.jpg?fit=1258%2C833","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=546360"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/546360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/546362"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=546360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=546360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=546360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}