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Ethereum prices show shows signs of an imminent rupture While it moves back and forth in a corner model that falls on the daily chronometer of candlesticks. According to an analysis first Posted on the TradingView platformThis training is a strong bullish signal which could push the Ethereum price to $ 3,800 if the story is repeated.
The fall of the corner, which is generally known to be a bullish price action structure, develops between the 50 and 200 days mobile averages for Ethereum, in accordance with a similar model of the one preceding a rally of Ethereum LE prices ‘last year.
Ethereum repeating the falling corner model
Ethereum has largely underperformed this cycle Without any clear break. In addition, the cryptocurrency has not yet recovered its top of all time in 2021 unlike many of its Other Crypto counterparts With large stock market capitalizations.
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The technical analysis of the current Ethereum price action shows that the leader Altcoin has been negotiated since the beginning of the year. This decline was characterized by the Formation of lower ups and lower stockings, Which is quite like a falling corner pattern. What is very interesting is that this corner model on the Ethereum price table is developing between the mobile averages of 50 and 200 days, which makes it even more special.
The TradingView analyst stressed that the current lower area prices structure reflects the March 2024 model, which saw Ethereum form a triple low before going out and reaching the extension level of 0.786 Fibonacci. If the same scenario takes place, the corner of the current fall could serve as a launch paving for an increase in prices to a target at $ 3,800. This represents a potential at 20% of the current trading range of Ethereum.
Resistance levels could delay the rally
At the time of writing this document, Ethereum is negotiated at $ 3,180, up 1% in the last 24 hours. It marks a regular rise of The lower end of the corner pattern, bringing the cryptocurrency closer to the rupture above the higher trend line around $ 3,250.
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While the technical configuration Perche bruise after the planned escape, it is important to note that Ethereum faces a significant obstacle of resistance between $ 3,400 and $ 3,500. The sellers positioned in this resistance area have acted as a strong barrier in recent months, and they have managed to block the previous attempts of the Bulls to push higher.
If Ethereum fails to cross the upper end of this beach, another temporary rejection could occur before any sustained movement around $ 3,800.
If Ethereum successfully erases the resistance of $ 3,500, it could open the way to a No more extensive upward trend, With $ 3,800 as the next logical target. In particular, this objective of $ 3,800 reflects a temperate perspective on Ethereum compared to the expectations of the past market, a feeling shaped by its recent price action. However, if a strong bullish momentum is strengthening around $ 3,800, this could trigger an even larger thrust towards the $ 4,000 mark.
Felash star image, tradingView.com graphic
