The Ethereum (ETH) price chart shows an upward triangular pattern that has been ongoing for several months, and has recently broken through this downward trend. ETH is currently retesting its key resistance level of $1639 over the past year
The Ethereum (ETH) price chart shows an upward triangular pattern that has been ongoing for several months, and has recently broken through this downward trend. ETH is currently retesting its key resistance level of $1639 over the past year.
This technical form is usually bullish, and breaking through the upward trajectory of the rising triangle often indicates an upward trend, with the goal usually equal to the distance between the first high point and low point of the fluctuation.
However, according to theoretical prediction methods, ETH's breakthrough is bearish and is expected to plummet by 45% to $998. This goal is achieved by adding the distance between the first high and low volatility points to the breakout point of $1825.
It is worth noting that ETH prices have exceeded the support level of $1639, which has been a key support in the past year. If the buyer is unable to successfully overcome this obstacle, ETH may continue to decline and ultimately test the psychological support level of $1000.
From the current level of $1598, this decline will constitute a decrease of approximately 38%.
On the other hand, Ethereum prices have formed three significantly higher lows in the past month, but the Relative Strength Index (RSI) has not confirmed this downward trend. This inconsistency is often referred to as a bullish divergence, which usually means that there may be a slight increase.
Based on the above bullish signals, if Ethereum prices can convert the $1639 barrier level into a support level, then this may provide a breathing opportunity for long investors. This measure may attract more wait-and-see buyers and trigger a slight rebound, retesting the next key resistance levels of $1767 and $2000.
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