Will Ethereum Break Free?The next few days will be interesting for Ethereum traders and HODLers. The price has been stuck in a large sideways pattern for roughly 70 days and has formed a shorter triangle pattern over the past 54 days. Following such consolidations, a strong breakout is often expected, making Ethereum particularly intriguing right now, especially as Bitcoin attempts to exit its own consolidation phase.
For Ethereum, the price is confined within a triangle pattern. The downward trend line is drawn from the highs of August 24th, September 27th, and October 15th, while the upward trend line connects the lows of September 6th, October 3rd, and October 10th. These two lines form the triangle, and a breakout could lead to a potential gain of $619—about 23%.
However, triangle patterns can be unreliable, which is why we also focus on the high from September 23rd at $2,710. A break above this level would confirm the triangle breakout and strengthen the likelihood of a successful move. After the breakout, the key is that the price shouldn’t fall back into the pattern too deeply. For example, trading below $2,584 would negate the breakout and signal that the price might remain within the pattern.
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