ETH Gears Up For a Spike Inside an Ascending Triangle, Can It Reach $3,500?

Crypto analyst and trader who goes by the pseudonym Wolf was uncertain about his followers’ knowledge about Ethereum’s next move. As such, he enlightened his followers by sharing a chart for 2019 and comparing it with the present status of Ethereum.

According to the analysis, it could be seen that back in 2019 (the year before BTC halved), Ethereum formed an ascending triangle, which thereafter spiked drastically. Currently, the ascending triangle could be spotted, and since it’s the year before the next BTC halving in 2024, Wolf probably predicts that ETH could shoot up.

The above chart shows that ETH was exchanging hands at $1,876 when the markets opened for trading for the week. Throughout the first three days, ETH was moving rather lethargically, fluctuating between $1,880 and $1,920. But, on the fourth day of the week, the bulls pushed ETH from $1,911 to $2,130. Thereafter, ETH lost some momentum as it crashed and fluctuated between $2,040-$2,080.

The above chart shows that ETH has been making higher lows while its highs have been constant inside the ascending triangle. This shows that the bears did not let the bulls off the hook. However, if ETH breaks out of this pattern, then there is a high chance that it could reach close to $3,200. Nonetheless, the resistance level for ETH is around $3,500; as such, ETH could test this level. If this level is broken, then ETH could reach $4,320.

However, ETH has touched the upper Bollinger band; hence, there could be a retracement, and ETH might rebound off of the lower trendline, or maybe even the $1,540 support level.