Ethereum’s native token, Ether (ETH), could reach above $10,000 in the coming weeks as it paints what appears to be an “ascending triangle” technical pattern.

Ether’s price technicals: Bullish signs

Ascending triangles are bullish continuation setups that appear during an uptrend. Analysts confirm their presence after the price rises upward inside a rising right-angle triangle structure, thus forming a sequence of lower highs on the lower trendline with resistance in place at the upper one. As the pattern develops, volumes typically drop.

So far, Ether has been forming a similar upside pattern on its weekly chart. In detail, the triangle’s lower trendline has been acting as an accumulation range since the beginning of 2021, with high selling pressure at the upper trendline, as shown below.

ETH/USD weekly price chart featuring ascending triangle pattern. Source: Wolf, TradingView

A basic tenet of ascending triangle patterns is that they can precede a significant price rally — by as much as the maximum distance between the upper and lower trendline — when measured from the breakout level.

Applying the same characteristic to Ether’s ascending channel, Ether can undergo a decisive breakout toward $10,000. On higher timeframes, another technical pattern paints a bullish target of $4,000.

Wolf, an independent market analyst, also anticipated Ether to rebound in the coming sessions, followed by an extended recovery move owing to a potential inverse head-and-shoulders pattern. 


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