A cryptocurrency analyst has identified the Golden Triangle, a occasional structure that has been forming on the Ethereum (ETH) chart for almost nine years. According to the analyst, Ethereum’s price has remained within this triangle during both bullish and bearish periods.

However, it says that the cryptocurrency is now approaching the apex of a triangle pattern, signaling an upcoming breakout either up or down. Depending on the direction of this breakout, the analyst makes a forecast ETH’s next move and possible target price.

Ethereum’s Golden Triangle could trigger a surge to $10,000

Market analyst identified in X as “Merlijn The Trader”. common modern Ethereum price analysis, presenting both bullish and bearish scenarios. In a post shared on April 24, Merlijn stated that Ethereum’s price is currently trading Golden Triangle pattern which has maintained its structure since 2017, two years after the cryptocurrency was launched in 2015.

According to the analyst, the pattern has survived several essential events that caused wild price fluctuations during all these events. He pointed Covid-19 crisis in 2020when most cryptocurrencies saw edged declines, including ETH, which also crashed significantly. Despite this, he noted that Ethereum still remains in the Golden Triangle.

The same pattern remained intact during bear market in 2022which followed a edged raise in the ETH price to a record level over $4,800 in 2021. He added that even after reaching the peak in 2026 and undergoing another significant correction, Ethereum remained in the triangle without disturbing its structure.

Merlijn believes that ETH’s structure has held steady despite all these ups and downs is approaching a decisive breakout from a nine-year formation. Looking at the attached chart, he noticed that ETH was approaching the apex, the highest point of its Golden Triangle, where breakouts often occur.

Once the price reaches this high, two scenarios are possible: Ethereum can either break higher or fall through the bottom of the structure.

In his bullish case, Merlijn believes that a breakout to the upside could send ETH above $4,350 and push its price towards its measured value goal around $10,000. Given the duration of the triangle, Ethereum is expected to continue climbing higher, with occasional dips, until it eventually reaches an ambitious high above $56,000. He placed it long-term target price in 2028, suggesting the rally could extend for another two years.

ETH bear case if price falls below the triangle

In his bear scenario, Merlijn The Trader noted that if Ethereum decides to move in the opposite direction and break below the triangle, the move could trigger a decline towards $1,950. Ethereum is currently trading above $2,300, following suit recent rally that saw it rise to over 36%.

If the cryptocurrency falls to $1,950, it would represent a decline of more than 15% from current prices. Still, despite the risk of a loss looming, Merlijn remains confident that a breakout to the upside may be a likely scenario.

Featured image from Unsplash, chart from TradingView