Crypto analyst Wolf shares an optimistic outlook on the future of Ethereum (ETH) by identifying a key pattern on its chart. The analysis suggests that ETH could be preparing for a significant rise within an ascending triangle, raising expectations of reaching the $3,500 mark.
Ascending triangle: Parallels with the boom of 2019
Wolf, a renowned cryptocurrency analyst and trader, recently shared a detailed analysis with his followers, highlighting similarities between the present and 2019. In that period, just before the Bitcoin (BTC) halving, Ethereum formed an ascending triangle that resulted in a significant increase . Now, with an ascending triangle visible and the proximity of the next BTC halving in 2024, Wolf suggests that ETH could be on the verge of a bullish move.
Revealing charts: ETH ready to take off
Examining CoinMarketCap’s weekly ETH/USD chart, we see that at the start of the week, Ethereum was trading at $1,876. For the first few days, the movement was modest, fluctuating between $1,880 and $1,920. However, on the fourth day, the bulls took control, driving the price from $1,911 to $2,130. Although ETH experienced some retraction, it maintained levels between $2,040 and $2,080.
Daily analysis on ETH/USDT from TradingView shows an intriguing trend: Ethereum has been forming higher lows within the ascending triangle, indicating resistance from bulls. If ETH manages to break this pattern, there is a high probability of reaching $3,200. However, the real challenge lies at the $3,500 resistance level; A breakout of this could catapult ETH towards $4,320.
Possible pullbacks: Will ETH rebound or find support?
It is crucial to note that ETH has reached the upper Bollinger band, which could signal a pullback. In this scenario, Ethereum could bounce off the lower trendline, or even find support at the $1,540 level. Investors should keep an eye on these indicators to make informed decisions.
Ethereum is in an exciting position, with analysts suggesting a potential substantial rise. The next market moves could mark a significant milestone for ETH, and investors are eager to see if it will reach the $3,500 mark or exceed expectations.
