Date: Mon, May 12, 2025 | 07:45 PM GMT
The cryptocurrency market continues to build on its recent strength, with Ethereum (ETH) leading the charge. ETH has climbed more than 50% over the past month and is now trading near the $2,450 mark — its highest level in months. This resurgence is also helping to lift sentiment across major altcoins, including Internet Computer (ICP), which was lagging behind. Now, it looks ready to catch up.
ICP is currently showing monthly gains of over 8%. More importantly, a well-known harmonic pattern forming on its chart suggests that further upside may be on the horizon.
Harmonic Pattern Signals More Upside
On the daily timeframe, ICP is forming a Bearish Crab harmonic pattern — a technical setup that identifies high-probability reversal zones once the final leg (known as CD) completes. Until that point, the pattern tends to drive prices upward with strong bullish momentum.
The pattern began after ICP faced rejection near $6.35 on March 26, marking point X. From there, the price dropped nearly 34%, bottoming out at approximately $4.20 on April 7, which forms point A.
The subsequent AB leg retraced about 58.5% of the XA leg — falling within ideal Fibonacci boundaries for a Bearish Crab. This was followed by a 78.8% retracement during the BC leg, with price stabilizing near $4.46, where bulls regained control.
The current upward wave, forming the CD leg, is pushing higher with force. The projected target for point D is around $7.67, which aligns with the 1.618 Fibonacci extension of the XA leg — a classic completion zone for this harmonic pattern. This level often acts as a “price magnet”, drawing in bullish interest, but also serves as a potential reversal zone.
What’s Next for ICP?
If the harmonic structure continues to unfold as expected, ICP could rally toward the $7.67 mark — implying a potential upside of roughly 35% from the current level around $5.66.
Support is being provided by the 0.382 Fibonacci retracement level at $5.04, helping to sustain the ongoing momentum. Meanwhile, the 0.786 retracement zone around $5.88 could act as a short-term resistance on the way up, offering a temporary hurdle before testing the key D point.
Investors and traders should closely watch the $7.67 region. While this is the target completion for the Bearish Crab, it’s also a logical zone for profit-taking or potential pullbacks, especially if market-wide bullish sentiment begins to cool off.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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