Ethereum Eyes Astounding $18,000 Target as Experts Forecast Bullish Surge

Ethereum (ETH) is once again capturing the crypto market's attention, having recently surpassed the $4,500 mark and trading just 9% shy of its all-time high of $4,946. This impressive performance has ignited a wave of bullish predictions from leading market analysts, signaling a potential monumental breakout for the altcoin.

A "Textbook" Expansion Towards New Highs

Market expert Gert van Lagen highlights a "textbook" expanding diagonal pattern on Ethereum's biweekly chart, suggesting a significant reversal from a bearish to a bullish trend. This pattern, characterized by a series of rising trend lines, signifies strong upward momentum. Over the past six weeks, ETH has successfully consolidated between $4,200 and $4,600, demonstrating resilience after a brief dip to $3,800 on September 25th, which was swiftly met with strong demand and recovery above the $4,000 support level. Van Lagen's analysis further elaborates on a nearing completion of Ethereum's Wave v, supported by a corrective a-b-c wave sequence. Notably, Wave a breached the critical $3,650 resistance, which then served as support during Wave b. With Wave c now in motion, analysts are setting ambitious price targets ranging from $9,000 to an astounding $18,000, indicating a powerful final impulse wave.

United Bullish Sentiment and Key Resistance

Adding to the optimistic outlook, fellow market analyst Mr. Wall Street echoes this bullish sentiment, projecting Ethereum to reach between $7,000 and $8,000 within the current market cycle. Both experts concur that while the path forward is bright, Ethereum's ability to surpass its previous record near $5,000 will be a crucial test, as this level is anticipated to act as a significant resistance barrier. As Bitcoin also approaches new record levels above $120,000, the broader crypto market seems poised for a sustained upward trend, with Ethereum ready to lead the charge.