Key Insights
- •A top analyst revealed the setup for an Ethereum price rally of 345% to $14,766.
- •As per the expert analyst, Ethereum completed a corrective pattern that aligns well with the Elliott Wave theory, which marks the end of a prolonged consolidation phase.
- •The Stochastic RSI has fallen back into oversold territory, a zone that has historically marked the beginning of powerful upward reversals.
Ethereum price posted 6% daily losses as the price hovered around the $3,300 level. The altcoin opened the week in the early hours of Monday trading near $4,000 before it tumbled to $3,000 on Tuesday.
Despite that, a top analyst is eyeing a strong Ethereum price rally of 345% that could see the altcoin reach a new all-time high.
Technical Setup for 345% Ethereum Price Rally
Ethereum price appears to be entering a powerful new phase in its market cycle, according to analysis by TraderJB. On a chart shared on X, the analyst spotlighted a long-term bullish outlook eyeing a 345% target of $14,766.
Ethereum completed a corrective pattern that aligns well with the Elliott Wave theory, which marks the end of a prolonged consolidation phase.
This corrective formation began after Ethereum’s previous peak and has since unfolded through several distinct phases.
The conclusion of this extended correction suggests that the market has likely reset sentiment and accumulated enough strength for the next impulsive advance.
Indeed, following the “E” wave low, Ethereum has already initiated what appears to be the early stages of a new five-wave impulsive sequence.
The pattern so far shows a completed wave (1) and (2), with wave (3) now gaining traction, typically the strongest and most dynamic portion of an Elliott impulse.
Based on this interpretation, Ethereum price is on track for a multi-year bull phase, depending on whether the major wave(iii) will play out to completion.
Each impulsive wave in previous cycles has delivered exponential gains, and the current setup mirrors those earlier conditions.
Moreover, the overall Ethereum ecosystem has sufficient fundamentals to support the outlook, including a series of network upgrades, improved scalability and efficiency, as well as mounting investor confidence.
Ethereum Price Weekly Stochastic RSI Signals 250% ETH Price Rally
The ETH price weekly chart shows a compelling setup that has caught the attention of traders once again.
As highlighted by Rekt Fencer, the Stochastic RSI has fallen back into oversold territory, a zone that has historically marked the beginning of powerful upward reversals.
The last time ETH price reached this level, the market saw a remarkable 250% rally within just a few months.
That move came after a similar period of exhaustion and consolidation, much like what the current chart displays.
Now, with momentum cooling and the indicator hovering near its lower boundary, Ethereum appears to be in a potential accumulation phase.
This stage often precedes sharp bullish recoveries when market sentiment flips and buyers regain control.
While there’s no guarantee of a repeat performance, the technical setup is undeniably favorable.
If history plays out again, Ethereum price could be preparing for another strong leg up in the months ahead, especially if overall market conditions remain supportive.
According to Gum, the ETH price should remain above the 200-day moving average, a key technical level that often separates bullish from bearish conditions.
The uptrend line drawn from last year’s lows underscores the strength of this structure. So far, each correction has met strong buying interest, which has absorbed most of the supply.
At current levels, altcoin is consolidating after an impressive rally earlier in the year, with several pauses acting as preparation for the next major move.