EthereumLong
ETHUSD: Path to a New All-Time High at $8,369
A weekly timeframe analysis reveals a clear technical structure in Ethereum's price action, with two prominent patterns shaping the current trend.
1. Ascending Channel – The primary bullish pattern, with a target at $8,369.
2. Symmetrical Triangle – A secondary consolidation pattern, currently testing resistance at $3,789.
A decisive breakout above the $3,789 resistance would likely propel ETHUSD into a continuation phase, aiming for a new all-time high at $8,369. Conversely, if the resistance holds, a quick correction toward the $2,467 support level within the symmetrical triangle is a probable scenario.
Should the price test the $2,467 support and hold, the bullish outlook remains intact, with the potential for a rally toward the triangle's projected target at $8,369.
Traders should focus on price action, breakout confirmations, and volume analysis to gauge the strength of the move. Managing risk remains critical, as ETHUSD approaches key technical levels that will define its next major move.
1. Ascending Channel – The primary bullish pattern, with a target at $8,369.
2. Symmetrical Triangle – A secondary consolidation pattern, currently testing resistance at $3,789.
A decisive breakout above the $3,789 resistance would likely propel ETHUSD into a continuation phase, aiming for a new all-time high at $8,369. Conversely, if the resistance holds, a quick correction toward the $2,467 support level within the symmetrical triangle is a probable scenario.
Should the price test the $2,467 support and hold, the bullish outlook remains intact, with the potential for a rally toward the triangle's projected target at $8,369.
Traders should focus on price action, breakout confirmations, and volume analysis to gauge the strength of the move. Managing risk remains critical, as ETHUSD approaches key technical levels that will define its next major move.
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