Ethereum's January Performance Could Be Significant, Historic Price Trends Shows

With momentum rising across the overall market, several major crypto assets like Ethereum have transitioned toward an upside direction. Consequently, optimism about ETH witnessing a rally within the short term has risen significantly amongst crypto enthusiasts, attributing the much-anticipated move to past cycle trends.

A Major Rally For Ethereum Expected In January

As the brand new 12 months begins, market expert and trader Ether Naysonal has delved into Ethereum’s recent price motion, highlighting a bullish outlook. After examining ETH’s movement within the monthly time-frame, the expert underlined that the altcoin could possibly be gearing up for a major price surge in January.

Ether Naysonal made the daring forecast, citing historical price trends pointing to a bullish month for ETH. The expert points out that Ethereum has previously demonstrated positive momentum inside the month during similar market cycles, with a track of sustained rise interspersed with notable rallies.

While ETH approaches critical levels, Naysonal believes this upbeat strength may indicate an incoming parabolic run in January. Drawing attention to past trends, Ethereum began its parabolic surge in January 2021 after a successful retest in December 2020.

ETH’s January motion aligning with 2021 cycle | Source: Ether Naysonal on X

It’s value noting that this development sparked an enormous rally for ETH, reaching a recent all-time high and market top within the 2021 cycle. With the monthly chart reflecting the identical pattern, Naysonal suggests the same price surge to kickstart inside the month, possibly to the $9,500 level.

Should the past trends repeat, the $9,500 milestone might grow to be this market cycle’s top. Within the meantime, market watchers are monitoring several trends and indicators with a view to gauge ETH’s next trajectory because the bull cycle extends.

ETH’s Path To $6,000 Is Still Intact

Delving into ETH’s performance, Ali Martinez, a technical and on-chain analyst, has predicted a surge to a recent all-time high on the $6,000 level. His prediction comes because the altcoin faces heightened volatility, slowing down the much-anticipated rally.

Ethereum’s path to the $6,000 milestone is bolstered by an Ascending Parallel Channel formation, a key pattern that indicates upward momentum. An ascending parallel channel is a bullish price motion contained inside two upside-sloping parallel lines characterised by higher highs and better lows.

It’s important to notice that Ethereum has been trending inside the ascending parallel channel since 2022, with each rebound from the lower boundary resulting in a notable surge. In accordance with Ali Martinez, ETH continues to carry strong inside the critical chart pattern despite the volatility. Consequently, he foresees a move towards the $6,000 mark within the near term.

On the time of writing, ETH was trading at $3,668, slowly drawing closer to $3,700 with a 1% increase within the last 24 hours. Investors’ sentiment has weakened as indicated by a mere 0.15% in its trading volume prior to now day.