Over the past 18 months, Ethereum prices have been consolidating along an upward trend line, with a resistance level of $2035.The overall price trend has formed an upward triangle pattern, with an expected target price of ETH of $4736
- Over the past 18 months, Ethereum prices have been consolidating along an upward trend line, with a resistance level of $2035.
- The overall price trend has formed an upward triangle pattern, with an expected target price of ETH of $4736.
- Once the counterfeit currency breaks through and closes below the upward trend line of the psychological level of $1500, the bullish argument will be invalidated.
The price of Ethereum (ETH) is bullish in both the lower and higher time frames, as token holders are riding the waves and seem to have formed a bull market. However, in the longer term, the goal of the largest counterfeit currency by market value may seem overly ambitious, but it is not impossible, as community members turn to descriptions of exchange traded funds (ETFs) and the highly anticipated halving of Bitcoin (BTC), as well as their combined impact on asset prices.
Ethereum Price Rise in 18 Months Triangle Forecast Target is $4736
The consolidation of Ethereum (ETH) prices above the rising triangle, coupled with the formation of multiple local tops near $2035, has led to the formation of the rising triangle shape.
This technical form is formed when asset prices lead to the formation of a horizontal line connecting the high point of oscillation, while the upward trend line tracks the low point of oscillation from below. The trend lines together form a triangle, and traders focus on breaking through the horizontal trend line. The goal of this technological form is determined by measuring the height of the triangle and overlaying it at the breakthrough point.
For Ethereum prices, the height of the triangle is approximately 134%, ranging from $865 per week to $2035 per week. Superimposing these percentage differences on the weekly chart, the target is $4736.
The Relative Strength Index (RSI) stimulates optimism, with a northward movement indicating upward momentum, while its position at 64 indicates that there is still more room to move northward. In fact, the awe inspiring oscillation indicator (AO) bar chart also flashes green, indicating that bulls remain strong in the ETH market.
On the other hand, profit taking may lead to a decrease in Ethereum prices, rendering predictions invalid and potentially losing the support provided by the upward trend line of the psychological level of $1500. This will invalidate the bullish argument.
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