ETH to $15000 LONGChart Analysis: Ethereum is currently forming an ascending triangle pattern, which is typically a bullish continuation pattern. The price action has been creating higher lows while encountering resistance at a level around $4000.
As the pattern evolves, a breakout above the resistance level could signal a continuation of the upward trend.
Trade Setup:
Pattern: Ascending Triangle
Resistance Level: $4000 (key horizontal resistance)
Target: The pattern suggests a potential move of approximately 445% upward, with a projected target of $21,908 (a significant potential move).
Stop Loss: Place the stop loss below the recent support trendline, around $2,200 to manage risk.
Take Profit: Set the initial take profit target at $15000 with further targets at $26000 and depending on how the price progresses after the breakout.