🔥 Ethereum Bullish Triangle: Long-Term Bullish Trend?
In my last ETH analysis I talked about the fact that we were breaking through the bear market resistance, with a target of 2000. Now that we're nearly there, it's time to take a look at what lies beyond 2000.
On the chart I've drawn a bullish triangle pattern. I'm taking some liberty with the FTX drop, but my point stays the same.
ETH is on the verge of reaching it's highest value since May 2022, which is already bullish in itself. In my view, we can reach further than that. Keep in mind that we can still reverse from the 2000 resistance, albeit a smaller probability than breaking out.
My first target area is around the summer 2021 lows, which ranges from around 2300-2500. This is my target for the time being. In case we will move further up, I'm looking at the top blue area of resistance.
I doubt whether we will actually reach the top area, but a man can hope. Macro still looks bad in the long-term. But, as long as the stock market keeps climbing and inflation keeps dropping there's little reason to be bearish on crypto as a whole.
On the chart I've drawn a bullish triangle pattern. I'm taking some liberty with the FTX drop, but my point stays the same.
ETH is on the verge of reaching it's highest value since May 2022, which is already bullish in itself. In my view, we can reach further than that. Keep in mind that we can still reverse from the 2000 resistance, albeit a smaller probability than breaking out.
My first target area is around the summer 2021 lows, which ranges from around 2300-2500. This is my target for the time being. In case we will move further up, I'm looking at the top blue area of resistance.
I doubt whether we will actually reach the top area, but a man can hope. Macro still looks bad in the long-term. But, as long as the stock market keeps climbing and inflation keeps dropping there's little reason to be bearish on crypto as a whole.
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