• The Ethereum fractal that resulted in 7,000 percent gains for ETH in 2017 reappears in 2021

  • If history repeats itself, Ethereum could reach $13,000 in less than six months.

    If history repeats itself, bids for Ethereum’s native token Ether (ETH) could reach $13,000 in the next two months.

    As shown by a fractal indicator from 2017, which included at least four technical patterns that helped push the price of ETH up by over 7,000 percent. The same set of bullish indicators has flashed once again in 2021, as Ether trades above $3,350 after a year-to-date rally of over 360 percent.

    The Ethereum fractal of 2017 is explained.

    Stochastic RSI, Relative Strength Index (RSI), Bullish Hammer, and a Fibonacci retracement level are the four technical indicators in detail. It all started in December 2017 when the Bullish Hammer appeared on Ether’s monthly chart, followed by a 7,000 percent price increase over the next six months.

    The massive upside move led by Hammer pushed Ether’s monthly RSI above 94, putting it in an extremely overbought zone. As a result, the cryptocurrency began to consolidate sideways in order to counteract its overly bullish sentiments. The RSI began to correct lower.

    Similarly, after identifying Ether as overbought, its monthly Stochastic RSI indicator, which compares its closing price to the price range over a given period, began correcting lower (a reading above 80 is considered excessively bought and below 20 is considered excessively sold).

    Later, in November 2017, the Stochastic RSI flipped bullish, with its percent K line (the blue one), which compares an asset’s lowest low and highest high to define a price range, crossing above the percent D line (the saffron line), which is a moving average of percent K, crossing above the percent D line (the saffron line), which is a moving average of percent K. Meanwhile, Ether’s bullish continuation hopes were boosted by the fact that the Stochastic RSI reading was above 20 at the time of the flip.

    In January 2018, the Ethereum token soared another 500 percent, closing above $1,200. It happened at the same time that the RSI formed a double top, as shown in the chart above. The entire bottom-to-top movement occurred within an ascending channel range, with the 23.6 percent Fibonacci retracement level acting as support and resistance.

    So far, the fractal repeat of 2021 has been successful.

    As we enter the final quarter of 2021, Ether is almost mirroring the movements of the 2017 fractal, albeit without order.

    In particular, the Ethereum token has risen 3,400 percent to over $4,300 in the sixteen months since a bullish Stochastic RSI cross was painted (when its a percent K line surged above the percent D line). Meanwhile, the massive upward movement pushed Ether’s monthly RSI back into overbought territory.

    After a period of consolidation, Ether formed a Bullish Hammer in July 2021, indicating that sellers had formed a price bottom.

    The Ethereum fractal was first spotted by Jaydee 757, a pseudonymous analyst who highlighted the hammer’s potential to send the price of Ether soaring, with a primary upside target near the 2.618 Fib line (around $13,000).

    A potential Stochastic RSI bullish cross and a double top RSI, which are expected to appear on Ether’s monthly chart in the next “few months,” similar to the one that coincided with the 500 percent price rally in 2018, were also used in the bullish analogy.

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