Ethereum Price Forms Falling Wedge Pattern On 1-Day Chart That Suggests 20% Rally Is Coming
The price action of Ethereum is being displayed Signs to break through When it moves back and forth in the wedge -shaped pattern on the daily candlestick time frame. First of all Published on the trading platformThis form is a strong bullish signal. If it is repeated in history, the price of Ethereum can be pushed to $ 3,800.
The falling wedge is usually the price of the price of the bullish, which is developing between the 50 -day and 200 -day mobile average of Ethereum, which is consistent with the model before the Ethereum price rally last year.
Ethereum repeatedly fallen wedge -shaped pattern
Ethereum To a large extent poor performance There is no clear breakthrough. In addition, unlike many people Other encrypted correspondence Has a large market value.
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The current technical analysis of the price action of Ethereum shows that the leading Altcoin has been declining since the beginning of this year. The characteristics of this decline are The formation of lower and high and lower parts, This is like a falling wedge -shaped pattern. What is very interesting is that the wedge -shaped mode on the Ethereum price map is developing between 50 days and 200 days of moving average, which makes it more special.
TradingView analyst emphasized that the current wedge price structure reflects the March 2024 model. This mode sees that Ethereum forms a triple bottom, and then breaks through and reaches the level of 0.786 Fibonacci expansion. If the same situation occurs, the current wedge -shaped wedge can be used as a transmitting pad that increases as a target price of $ 3,800. This is the potential rising space of Ethereum’s current transaction scope.
The level of resistance may delay the rally
During writing, the transaction price of Ethereum was $ 3,180, an increase of 1 % in the past 24 hours. This marks A Stable climbing The lower end of the wedge model makes the cryptocurrency closer to the upper trend line, about $ 3,250.
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and Technical settings After the predicted breakthrough, Ryan’s bullishness is important to note that Ethereum is facing obvious resistance from $ 3,400 to $ 3,500. In recent months, sellers in the resistance area have become a strong obstacle, and they successfully stagnated the bulls to increase their status to improve their status.
If Ethereum fails to break through the upper end of this range, another temporary rejection may occur before any continuous transfer of $ 3,800.
If Ethereum successfully removes a resistance of $ 3,500, it can be for More expanded the trend of bullishness, Take $ 3,800 as the next logical target. It is worth noting that the target of $ 3,800 reflects the speed of Ethereum compared with the past market expectations, which is caused by its recent price action. However, if a strong bullish momentum is established at a price of $ 3,800, it may cause greater driving force.
Charts from unsplash characteristic images, tradingView.com
