en.bitcoinsistemi.com
The largest altcoin, Ethereum ($ETH), which has been performing poorly against Bitcoin (BTC) for a long time, has made a big attack in recent weeks and rose from $ 1,800 levels to $ 2,700 levels.
As $ETH enters a consolidation period, the market expects the price to exceed $ 3,000 in the short term.
While there is curiosity about whether Ethereum will make a big attack again, market analyst Omkar Godbole evaluated the possibility of $ETH exceeding $ 3,000.
Accordingly, the analyst argued that Ethereum has formed an ascending triangle pattern that points to a potential increase above $3,000.
Stating that the $ETH chart has formed an ascending triangle pattern, the analyst said that it seems ready to exceed $3,000.
The ascending triangle forms a pattern that repeatedly limits upward sloping movements with a resistance line.
The ascending triangle formation is generally considered a bullish formation, and after the break of the horizontal resistance line, a rise as high as a flagpole is usually expected.
At this point, the analyst noted that Ethereum has faced resistance at $2,735 several times in the last two weeks, and said that $ETH has formed higher lows, indicating an ascending triangle.
Stating that higher lows indicate increasing buying pressure, the analyst stated that this pressure increases the potential for $ETH to rise above $3,000.
“An expected upward breakout of the ascending triangle pattern would signal that $ETH has resumed its rally from the lows seen in April at $1,390 and open the door for a move above $3,000.”
The analyst also noted that the 50-day simple moving average (SMA) is very close to breaking above the 100-day SMA, which he said supports the bullish case.
Finally, the analyst also warned that a downward breakout of the triangle formation on the Ethereum chart could invalidate the bull case and cause stronger selling pressure.
*This is not investment advice.