Ethereum (ETH), the largest altcoin that has long been inadequately functioning against Bitcoin (BTC), has made a major attack in recent weeks, rising from a $1,800 level to a $2,700 level.
Once ETH enters the consolidation period, the market expects prices to exceed $3,000 in the short term.
Although there is curiosity about whether Ethereum will make a big offense again, market analyst Omcal Godball evaluated the possibility that ETH could exceed $3,000.
Therefore, analysts argued that Ethereum formed a pattern of rising triangles showing potential increases of over $3,000.
Saying that the ETH chart has formed a rising triangle pattern, analysts said it appears to be ready to go over $3,000.
The rising triangle forms a pattern that repeatedly limits upward tilt motion with the resistance line.
The formation of an ascending triangle is generally considered bullish, and after the breaking of the horizontal resistance line, it usually rises as much as a flagpole.
At this point, analysts noted that Ethereum has faced resistance at $2,735 several times over the past two weeks, indicating that ETH is showing an upward triangle.
Analysts said a higher low indicates an increase in buying pressure, which increased the chances of ETH exceeding $3,000.
“The expected upward breakout of the rising triangle pattern shows ETH reopened its rally from a low pressure seen at $1,390 in April, opening the door for travelling over $3,000.”
Analysts also said the 50-day simple moving average (SMA) is broken above the 100-day SMA.
Finally, analysts also warned that a downward breakout of the formation of the triangle on the Ethereum chart would invalidate the bull’s case and could result in strong sales pressure.
*This is not investment advice.