Bids for Ethereum'southward native token, Ether (ETH), could rise to $13,000 in the next 2 months if history repeats itself.

Ether saw a fractal indicator from 2022, consisting of at to the lowest degree four technical patterns that were instrumental in pushing ETH price up past over 7,000%. The aforementioned fix of bullish indicators take flashed once over again in 2022 as Ether trades above $iii,350 later rallying over 360% yr-to-date.

The 2022 Ether fractal, explained

In detail, the iv technical indicators are the relative strength index (RSI), stochastic RSI, bullish hammer and a Fibonacci retracement level. It started with the bullish hammer's occurrence on Ether's monthly chart in Dec 2022, followed by a vii,000% price rally over the next six months.

The hammer-led massive upside move pushed Ether's monthly RSI to over 94, an extremely overbought zone. Every bit a result, the cryptocurrency started consolidating sideways to neutralize its excessively bullish sentiments, and thus, the RSI started correcting lower.

In parallel, Ether's monthly stochastic RSI indicator, which compares its endmost price with the price range over a given period, besides started correcting lower later identifying the cryptocurrency every bit overbought (a reading to a higher place 80 is considered excessively bought and below 20 is considered excessively sold).

Ethereum 2022 fractal indicator. Source: TradingView/Jaydee_757

Later on, in November 2022, the stochastic RSI flipped bullish, with its %Chiliad line (the bluish ane) — which compares an asset'due south lowest depression and highest high to define a cost range — crossing above the %D line (the saffron line) — which is a moving average of %M. Meanwhile, the stochastic RSI reading was above 20 at the time of flip, which boosted Ether's bullish continuation hopes.

Afterward, Ether surged by some other 500%, closing to a higher place $1,200 in January 2022. It coincided with the RSI, forming a double elevation, as shown in the chart above. The unabridged lesser-to-top took place inside an ascending channel range, with its 23.half dozen% Fibonacci retracement level serving as a support/resistance level.

The 2022 fractal repeat so far

Ether is almost mirroring the moves from the 2022 fractal every bit it heads into the final quarter of 2022, admitting without order.

In item, the Ethereum token rallied by 3,400% to over $4,300, 16 months after painting a bullish stochastic RSI cross (when its a %K line surged above the %D line). Meanwhile, the huge upside move — once again — pushed Ether's monthly RSI into its overbought zone.

Ether 2022 fractal indicator vs. 2022. Source: TradingView/Jaydee_757

A consolidation period followed that saw Ether making a bullish hammer in July 2022, suggesting sellers had formed a price bottom.

Jaydee_757, the pseudonymous analyst who first spotted the Ether fractal, highlighted the hammer's potential to send Ether price flying, with a primary upside target sitting about the 2.618 Fib line (at around $13,000).

Related: 3 factors that can transport Ethereum price to 100% gains in Q4

The bullish illustration also took cues from a potential stochastic RSI bullish cross and a double top RSI, waiting to appear on Ether'due south monthly chart in the next "few months," similar to the one that coincided with the 500% cost rally in 2022, equally mentioned to a higher place.

The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading motility involves take chances, and you should conduct your own research when making a conclusion.