According to a well-known cryptocurrency analyst, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, may experience a significant price increase of approximately 60%. This surge is expected to occur once Ethereum breaks out of a crucial accumulation zone, potentially reaching a price of $3,500.
Renowned cryptocurrency analyst Ali Martinez recently posted on the microblogging platform X (previously known as Twitter) about Ethereum's ongoing retest of its breakout zone within an ascending triangle. This development implies the possibility of Ethereum sustaining its upward momentum and potentially extending its ascent.
As per Ali Martinez, the range of $1,900 to $2,150 is considered an optimal accumulation zone before the cryptocurrency makes a move towards reaching the $3,500 milestone.
It's important to mention that an ascending triangle is a specific chart pattern that technical analysts utilize to forecast potential price movements. The ascending triangle pattern is characterized by a horizontal line that connects the high points of the price and a rising line that connects the low points of the price. These two lines form a triangle shape, which is commonly employed to identify potential price breakouts in either an upward or downward direction.
Ascending triangles are often recognized as continuation patterns, implying that they suggest the price will likely continue moving in the same direction as the prevailing trend prior to the formation of the triangle.
Peter Brandt, a well-known market trader known for his typically bearish perspective on Ethereum, recently suggested that the price of the cryptocurrency could potentially drop to as low as $650, based on his analysis of a rising wedge pattern.
A rising wedge pattern is a technical analysis term that refers to a pattern used by traders to forecast forthcoming market trends. It involves analyzing historical market data, particularly focusing on price and volume, to make predictions about the future direction of the market. While this concept of analyzing rising wedge patterns is especially applicable in stock, commodity, or cryptocurrency markets, Peter Brandt acknowledged that these patterns are not always entirely dependable or reliable indicators.
The prediction came shortly after the United States Securities and Exchange Commission (SEC) announced a delay in its decision regarding several Ethereum exchange-traded funds (ETFs). The final deadline for the decision has been set for May 2024.
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