Ascending Trendline

Updated

On the 4-hour timeframe, it is observed that the overall price trend is bullish, confirmed by drawing an ascending trend line. Upon a closer examination of the chart, a triangular pattern formation is noticed, indicating a continuation of the bullish trend after the upper side of the pattern breaks upwards. This breakout represents a key point in technical analysis, and subsequent price targets based on this movement are marked on the chart with orange resistance area. Reaching the third price target indicates a high potential for continued upward movement, and if the price can surpass this area, further price targets become visible on the horizon. Maintaining the ascending trend line is considered crucial for the continuation of the bullish trend, hence as long as this trend line is preserved, the price of Ethereum is expected to reach higher levels.

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Note

Currently, after Ethereum encountered its third resistance, its price has somewhat corrected and, with the formation of a reversal pattern, has resumed growth and broken its resistance upwards. Therefore, the next target is now within reach.

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