Ethereum (ETH) could complete the final wave of a long-term bullish pattern that pushes its price as high as $22,000, according to pseudonymous analyst NoName. The prediction, shared on July 17, is based on an expanding diagonal structure that has been forming since 2021. The pattern consists of five waves, each larger than the previous one, with the first four already completed. The fourth wave found support between $1,072 and $1,385, which NoName described as "the floor this entire structure was building toward."
Expanding diagonals often end with a fifth wave that surpasses prior cycle highs. Comparing ETH's chart to a historical Dow Jones Industrial Average fractal, NoName projected a final wave target of $12,000–$22,000. "Same structure, same resolution," the analyst wrote, calling ETH "one of the most underpriced assets on the market" and suggesting that widespread bearishness could create an opportunity for long-term investors.
Another trader, Crypto Patel, used a Wyckoff accumulation framework to forecast a potential climb to $10,000 by 2027–2028, provided ETH holds above the recent swing low near $1,500. He identified the $2,400–$2,600 range as a critical resistance that must be cleared for a larger advance.
On-chain data from CryptoQuant contributor CW8900 showed that Ethereum wallets holding over 100,000 ETH have returned to profitability after the latest rebound. Historically, these large holders only fell into loss during major market bottoms, and their return to profit has often coincided with sustained rallies or meaningful short-term recoveries.
However, not all signals are uniformly bullish. Analyst Crypto Rover highlighted a repeating 1,369-day cycle that suggests ETH could slip back below $1,500 before a lasting bottom forms. In mid-July, ETH briefly touched $1,940—its highest in six weeks—after softer US inflation data, though it has since pulled back to around $1,800.
