ETH Bullish Pennant | ETF approval confluence | Target: 2021 ATH
Updated
Not Financial Advice
TL;DR Bullish Pennant on
ETHUSDT daily chart, upwards breakout target would be very close to 2021 ATH. SEC approval of VanEck ETF (final deadline on May 23) could be a major catalyst.
A rare case of (potential) technical and fundamental confluence:
TL;DR Bullish Pennant on
ETHUSDT daily chart, upwards breakout target would be very close to 2021 ATH. SEC approval of VanEck ETF (final deadline on May 23) could be a major catalyst.A rare case of (potential) technical and fundamental confluence:
- ETH has been building a Bullish Pennant since the end of the Feb 5 - Mar 12 rally
- The retest of the multi-month support in place since October 2023 might signal that the bottom is in
- The final deadline for SEC's approval of VanEck's ETH ETF lines up almost perfectly with the convergence between the pennant's resistance and the multi-month support
- Interestingly enough, the target for an upwards breakout of the pennant around VanEck's approval deadline would be very close to the 2021 ATH
Comment
ETH is retesting the resistance trendline.A breakout now would place the target exactly at ATH.
Trade active
Very nice breakout, confirming the TA.The final approval deadline for VanEck's ETF is today, if it goes through it might propel us towards the target @ 2021 ATH.
Comment
ETH has been forming a secondary pennant / symmetrical triangle.A daily close above the resistance trendline would offer another long entry opportunity, with the following targets:
Symmetrical Triangle: $4200
Secondary Pennant: $4970
⚠️ Watch the local high at $4093 as we still need to clear it
🎯 The target for the main pennant is still the previous ATH at $4848
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