This technical formation typically suggests continuing an upward trend in Ethereum’s case. According to the analyst, if Ethereum successfully breaks out of this pattern, it could surge toward a significant level of $3,500.
Trend Is Up Consolidating In Bullish Pennant Expecting Breakout Soon Incase Of Successful Breakout Expecting Move Towards 3500$#Crypto — World Of Charts (@WorldOfCharts1)
Crucial Resistance Zone: Ethereum Path To Breakout
Adding to World Of Charts’ optimistic outlook, crypto trader Skew has the $2,320–$2,382 range as a key resistance zone for Ethereum. This price range has historically acted as a barrier to Ethereum’s upward movement, with “numerous rejections” witnessed at these levels.
Skew emphasizes the importance of Ethereum closing above $2,400 on the 1-hour and 4-hour charts. This decisive move would breach the resistance zone and confirm Ethereum’s bullish momentum.
Skew also noted that technical indicators such as the Relative Strength Index (RSI) and stochastics still display significant momentum, supporting the potential for Ethereum’s continued upward trend.4H
$2320 – $2382 has proven to be strong resistance with numerous rejections the key confirmation would be a solid 1H & 4H close above $2400 4H trend &… — Skew Δ (@52kskew)
Maybe it’s time for ETH to shine & run, would definitely help if the BTC Spot ETF is legitimately approved later
Ethereum’s Solo Bull Run Amid Market Turbulence
Despite recent market turbulence, including the plunge of several cryptocurrencies, including BTC, following the Securities and Exchange Commission’s (SEC) fake spot ETF approval announcement, Ethereum has shown resilience and is currently in the green.This sentiment is echoed by Michaël van de Poppe, another renowned crypto analyst, who also foresees Ethereum’s approach to its 2022 low as a precursor to a potential breakout. Van de Poppe believes that Ethereum’s current positioning near last year’s low could be crucial in absorbing liquidity and fueling a bullish breakout.