Looking at the charts of the ETH, we see an 18-month ascending triangle pattern that values a target of $4,000+ for ETH.
The price has been consolidating along an ascending trend line over the last eighteen months, what we have observed is that even in the face of so much euphoria, US$2,035 remains strong resistance. The community turns its thinking and future estimates towards the exchange-traded fund (ETF), as well as the long-awaited BTC fund. This combination of ETFs along with the ascending triangle pattern could take the asset to a target price of $4,700.
This technical formation is created when the asset's price leads to the formation of a horizontal line connecting the swing highs, while an ascending trend line follows from below, connecting the swing lows. Together, the trend lines form a triangle and traders keep an eye out for breaks in the horizontal trend line. Objective: Measure the height of the triangle by overlapping the break point.
The height of this triangle (ETH) is about 134%, that is, between $865 and $2,035 on a weekly basis. If you add the percentage difference, we set a target increase to US$4,700.
So, do you think we will see this rise for ETH?
Let's think positive, however, if the bullish thesis does not materialize and the asset falls below the trend line, we will probably return to the resistance of US$ 1,500 and there is psychology to bear.
This post is not an incentive to invest. The content presents the possibilities of the ETH market through a weekly graphical analysis.