ETH Prepares for Upward Momentum in Ascending Triangle — 3,500 Dollars in Sight?

Crypto News- The pseudonymous crypto analyst and trader, Wolf, recently shared insights with his followers regarding Ethereum’s potential trajectory. Drawing a comparison between the current Ethereum chart and that of 2019, he highlighted the formation of an ascending triangle in both instances. In 2019, this pattern preceded a significant spike in Ethereum’s value, and with a similar pattern emerging now, Wolf suggests the possibility of another upward surge.

The analysis notes that in the current scenario, it’s the year before the next Bitcoin halving in 2024, adding to the anticipation of a potential Ethereum rally.

ETH Prepares for Upward Momentum in Ascending Triangle — 3,500 Dollars in Sight?

Examining the recent market movements, the chart revealed that Ethereum began the week at $1,876, experiencing relatively subdued fluctuations between $1,880 and $1,920 in the initial three days. However, on the fourth day, bullish momentum propelled ETH from $1,911 to $2,130. Subsequently, Ethereum faced some resistance, leading to fluctuations in the $2,040-$2,080 range.

The chart further illustrated that ETH has been establishing higher lows within the ascending triangle, indicating persistent pressure from bears. Yet, if Ethereum manages to break out of this pattern, Wolf suggests a high likelihood of it reaching close to $3,200. The resistance level stands at $3,500, and if breached, ETH could potentially aim for $4,320.

Despite these optimistic projections, caution is advised as ETH has touched the upper Bollinger band, signaling a potential retracement. In such a scenario, Ethereum might find support around the lower trendline or even the $1,540 level.