The Ethereum crack appeared from 2017 which led to a 7000% gain for ETH back in 2021

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Bids for Ethereum’s native Ether (ETH) token could rise to $13,000 in the next two months if history repeats.

This shows a fractal indicator from 2017, consisting of at least four technical patterns that have been instrumental in driving the price of ETH higher by more than 7000%. The same set of bullish indicators reappeared in 2021 with Ether trading above $3,350 after rallying more than 360% year-to-date.

Explanation of the 2017 fractal Ethereum

In detail, the four technical indicators are the Stochastic RSI, the Relative Strength Index (RSI), the Bullish Hammer and the Fibonacci retracement level. It started with a bullish hammer appearing on Ether’s monthly chart in December 2017, followed by a 7000% price rally in the next six months.

The massive uptrend led by the hammer pushed the monthly RSI of Ether above 94, which is very overbought. As a result, the cryptocurrency started to consolidate sideways to neutralize the excessive bullish sentiment. The RSI has started to correct lower.

In parallel, the monthly Ether Stochastic RSI, which compares the closing price with the price range over a certain period, also started correcting downward after identifying the cryptocurrency as overbought (a reading above 80 is considered overbought and below 20 is considered oversold). ) .

Ethereum Fractional Indicator 2017. Source: TradingView.com, Jaydee_757

Later, in November 2017, the RSI stochastic flipped higher, with the %K line (blue line), which compares the lowest low of the asset and the highest high to determine a price range, surpassing the %D line (the saffron line), which is a % moving average NS. Meanwhile, the RSI reading was above 20 at the time of the reversal, bolstering Ether’s continued bullish hopes.

Subsequently, the Ethereum coin surged another 500%, closing above $1,200 in January 2018. It coincided with the RSI forming a double top, as shown in the above chart. The entire price from bottom to top was placed inside a bullish channel range, where the 23.6% Fibonacci retracement level acts as support/resistance.

Repeat 2021 fractal so far

Ether almost reverses moves from the 2017 fractal as it heads towards the last quarter of 2021, albeit without orders.

In detail, the Ethereum token surged 3,400% to over $4,300, sixteen months after drawing a bullish RSI stochastic cross (when the %K line rose above the %D line). In the meantime, the massive uptrend has once again pushed Ether’s monthly RSI into the overbought territory.

Ethereum Fractional Index 2017 vs 2021. Source: TradingView.com, Jaydee_757

This was followed by a period of consolidation that saw Ether hammer bullish in July 2021, indicating that the sellers had bottomed in the price.

Jaydee_757, the pseudonymous analyst who first discovered the Ethereum fractal, highlighted the possibility of the hammer sending the price of Ether flying, with a major bullish target near the 2.618 Fibonacci line (at around $13,000).

Related: 3 Factors That Could Send Ethereum Price to 100% Gain in Q4

The bullish measurement also took cues from a possible bullish RSI cross and an RSI double top, awaiting to appear on Ether’s monthly chart in the “next few months,” similar to the one that coincided with the 500% price rally in 2018, where The above-mentioned.

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