Ethereum has been consolidating within a massive symmetrical triangle pattern on the weekly timeframe. The current price action is testing the lower trendline support around $1,850, which has held strong multiple times before.
🔹 Trendline Support – The long-term ascending trendline (blue) has been tested numerous times and remains intact, indicating strong buying pressure at lower levels.
🔹 Symmetrical Triangle – ETH is nearing the apex of the triangle, suggesting an imminent breakout. Historically, symmetrical triangles break in the direction of the preceding trend, which in this case is bullish.
🔹 Potential Upside Move – If bulls manage to hold the support and push higher, the next major resistance lies at $4,000, followed by a potential breakout towards $6,000+.
🔹 Fakeout Risk – A breakdown below the trendline could trigger a deeper correction, possibly down to $1,200 or even $800 if selling pressure intensifies.
🚀 Scenario Analysis
Bullish Breakout (60%): Price holds support, bounces towards $4,000, and targets $6,000+ after a confirmed breakout.
Fakeout & Breakdown (40%): Price fails to hold the trendline, breaking down to $1,200 and potentially lower.
Let's see if bulls can defend this critical support or if bears will take control! 💥
🔹 Trendline Support – The long-term ascending trendline (blue) has been tested numerous times and remains intact, indicating strong buying pressure at lower levels.
🔹 Symmetrical Triangle – ETH is nearing the apex of the triangle, suggesting an imminent breakout. Historically, symmetrical triangles break in the direction of the preceding trend, which in this case is bullish.
🔹 Potential Upside Move – If bulls manage to hold the support and push higher, the next major resistance lies at $4,000, followed by a potential breakout towards $6,000+.
🔹 Fakeout Risk – A breakdown below the trendline could trigger a deeper correction, possibly down to $1,200 or even $800 if selling pressure intensifies.
🚀 Scenario Analysis
Bullish Breakout (60%): Price holds support, bounces towards $4,000, and targets $6,000+ after a confirmed breakout.
Fakeout & Breakdown (40%): Price fails to hold the trendline, breaking down to $1,200 and potentially lower.
Let's see if bulls can defend this critical support or if bears will take control! 💥
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.