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.
