Ethereum (ETH) could be entering the final stage of a long-term bullish pattern that eventually sees it go as high as $22,000, according to new analysis shared by pseudonymous crypto commentator NoName on July 17.

While the projection is highly speculative, it has added to a growing debate over whether ETH’s June lows marked the start of a broader recovery.

Analyst Points to Long-Term Chart Patterns After ETH Rebound

According to a chart the market watcher shared on X, since 2021, Ethereum has been building what technical analysts call an expanding diagonal, consisting of five waves, with each successive wave becoming larger than the last one. They pointed out that the first four waves were already done, with the fourth having found support between $1,072 and $1,385.

“That’s the floor this entire structure was building toward,” NoName explained, adding that expanding diagonals often end with a fifth wave that breaks above the previous cycle high. They also compared ETH’s structure to a historical Dow Jones Industrial Average (DJIA) fractal and said that both charts have a similar formation and could produce a similar breakout. Based on that interpretation, the projected target is anywhere from $12,000 to $22,000.

“Same structure, same resolution,” wrote the analyst. “Wave 5 target: 12k-22k.”

They also described ETH as “one of the most underpriced assets on the market” currently, suggesting that many people had given up on it, which could create an opportunity for long-term investors.

Another analyst, Crypto Patel, reached a similar conclusion using a different framework. In his version, he said that Ethereum has been following a Wyckoff accumulation pattern that could eventually lift the asset toward $10,000 by 2027 or 2028, provided the recent swing low around $1,500 remains intact. The trader also identified resistance between $2,400 and $2,600 and called it the first major hurdle the world’s second-largest cryptocurrency will have to overcome before any larger advance in its price could begin.

CryptoQuant contributor CW8900 also struck an optimistic note, sharing data showing that Ethereum wallets holding more than 100,000 ETH have gone back to green following the latest rebound. According to him, whales have only fallen into loss during major market bottoms, and their return to profit on many occasions has coincided with either a sustained rally or a meaningful short-term recovery.

The Other Side of the Coin

In June, ETH went very close to the $1,500 level, but softer-than-expected US inflation data released this week helped push it up to its highest level in a month and a half at $1,940 before sellers dragged it back below $1,900.

At the time of writing, CoinGecko data showed the asset trading close to $1,800, having dropped by about 5% in 24 hours but still up more than 3% during the past week.

But while those recent gains have improved sentiment, the market is not all rowing in the same direction. According to analyst Crypto Rover, a repeating 1,369-day cycle points to a scenario where ETH could move back below $1,500 before a lasting bottom forms.

Source: CryptoPotato