I see everyone getting very excited about how ETH has had a breakout of the ascending triangle, however what I see is a rising wedge as this has more touch points at the resistance and more closely lines up with all the swing highs, which I haven't seen anyone talking about and the ETH Ascending triangle came into a resistance for the past few hours right at my rising wedge resistance, I still however believe this will break upwards due to Ethereum's very strong bullish run. But I am still slightly concerned about a chance of rejection at this resistance which is why I did not enter the ETH long at the ascending triangle breakout. My Bullish price target would be roughly $2000. However if we do break down out of this rising wedge (Just because it is a bearishly biased pattern) the target would be around the $1000 level.
This $2000 level lines up perfectly with the 0.618 level on the Fibonacci extension when taking it all the way back from when this major bull run began on 25/12/2020.
Personally I am still bullish on ETH I just didn't enter the long early because of this fact. I will enter a long after the confirmed breakout of the rising wedge resistance (~$1570)
This $2000 level lines up perfectly with the 0.618 level on the Fibonacci extension when taking it all the way back from when this major bull run began on 25/12/2020.
Personally I am still bullish on ETH I just didn't enter the long early because of this fact. I will enter a long after the confirmed breakout of the rising wedge resistance (~$1570)