ETH/USD - About to break the apex. Can we pump? 🚀
Ethereum is slowly reaching the end of this formation and price will have to decide which way it will go.
This is a good chance for price to break out of this pennant and break our key resistance. If that happens, expect a quick rally to our next major resistance around $4,000.
However, as you can see, price sits within a bigger pennant highlighted in blue and has plenty of room to fall or correct further if the resistance rejects us. That is no reason to panic. So long we don't break below the blue pennant, we are still bullish long term.
The indicators on 4h timeframe appear keen to push price higher. Can they do it? We will find out in a few days max.
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This is a good chance for price to break out of this pennant and break our key resistance. If that happens, expect a quick rally to our next major resistance around $4,000.
However, as you can see, price sits within a bigger pennant highlighted in blue and has plenty of room to fall or correct further if the resistance rejects us. That is no reason to panic. So long we don't break below the blue pennant, we are still bullish long term.
The indicators on 4h timeframe appear keen to push price higher. Can they do it? We will find out in a few days max.
Like and follow if you liked this idea!
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