ETH: Descending Triangle Breakout on 4-Hour Chart!!
Updated
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The interesting technical pattern forming for ETH on the 4-hour timeframe. The price appears to be consolidating within a descending triangle pattern. If a confirmed breakout occurs above the upper trendline, it could signal a potential price increase towards the $3800-$4000 resistance zone.
However, it's important to consider the invalidation point. A daily close below the $2900 level would weaken the bullish case for a breakout and suggest a potential decline.
What are your thoughts on this ETH setup? Share your analysis in the comments below!
The interesting technical pattern forming for ETH on the 4-hour timeframe. The price appears to be consolidating within a descending triangle pattern. If a confirmed breakout occurs above the upper trendline, it could signal a potential price increase towards the $3800-$4000 resistance zone.
However, it's important to consider the invalidation point. A daily close below the $2900 level would weaken the bullish case for a breakout and suggest a potential decline.
What are your thoughts on this ETH setup? Share your analysis in the comments below!
Note
#ETH/USDT: Bullish Breakout Above Triangle Pattern
ETH broke above the triangle pattern, currently holding support. However, the market often sees lower volume on weekends, and a retest of the triangle support (around $3,000) is possible on Monday.
A successful retest and hold at this level could signal a buying opportunity for altcoins.
Important to watch the weekly close for confirmation.
Note
22% up from entry🫡
Cheers🥂
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