Ethereum is testing its upper resistance level and if it's able to break through the top green trend line (marked on the chart) it can easily reach a new all time high.
Ethereum has been in a sideways consolidation trend for the last 5 months. If we take a look at this trend you can see the bottom trend line was formed at the start of the pandemic back in March of 2020. So far that trend line has held as support.
In the last 5 months Ethereum has peaked and consolidated sideways. Forming a pennant pattern (marked by the green lines on the chart).
Look for Ethereum to break out either side of the pennant pattern and move up or down accordingly. Currently its testing the top and could easily form a new ATH in the coming week or two if it is able to break out the top (marked by the yellow arrow on the chart).
Ethereum has been in a sideways consolidation trend for the last 5 months. If we take a look at this trend you can see the bottom trend line was formed at the start of the pandemic back in March of 2020. So far that trend line has held as support.
In the last 5 months Ethereum has peaked and consolidated sideways. Forming a pennant pattern (marked by the green lines on the chart).
Look for Ethereum to break out either side of the pennant pattern and move up or down accordingly. Currently its testing the top and could easily form a new ATH in the coming week or two if it is able to break out the top (marked by the yellow arrow on the chart).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.