Ethereum price dilemma or buy signal before 60% rally
Ethereum (ETH) price shows a tightening of the multi-month consolidation. ...
- Ethereum price is consolidating inside an ascending triangle on the weekly chart.
- A breakout from this setup could lead to a 43% upswing to $2,943.
- Ethereum has set up three higher lows and three roughly equal highs since June 2022.
- A decisive weekly candlestick close above the triangle's horizontal resistance level at $2,000 will signal a breakout.
- If Bitcoin price remains stable, Ethereum is likely to break out and reach $2,943.
- There may be resistance around the $2,539 level.
- Ethereum could potentially rise even higher and reach the next MRI resistance level of $3,186.
- On the downside, if Ethereum fails to stay above the $1,936 support level, it could trigger a correction to $1,795.
- A weekly candlestick close below $1,547 would invalidate the bullish thesis and could lead to a slide to $1,309.
The article provides a technical analysis of Ethereum's price movement and suggests a potential breakout and upswing. The overall sentiment is positive, indicating optimism for Ethereum's price.