ETH Price Prediction: Ethereum’s Ascending Triangle Pattern Signals Further Growth
Amid the recent surge in the crypto market, Ethereum has experienced a notable influx, with its price climbing from $2270 to $2492 within a week. This almost 10% increase broke through the neckline resistance of the ascending triangle pattern, indicating that the ETH price is set for further growth.
Bullish Pattern Sets ETH Price Rally to $2700
In the past two weeks of consolidation, Ethereum formed an ascending triangle pattern in the daily chart. Utilizing the pattern’s support trendline, the altcoin surged 14% within three weeks and is currently trading at $2493.
On February 7th, the coin price broke out decisively from the $2390 neckline resistance, signaling the end of the correction trend. With sustained buying, the ETH price is likely to rechallenge the $2700 swing high.
However, despite a 0.32% gain, the daily candle shows a notable price rejection on the upside, indicating the possibility of a minor retest. This pullback can provide an entry opportunity for bullish traders.
Is Ethereum (ETH) Currently Undervalued?
In Finder’s latest Ethereum Price Prediction, Pedro Febrero, VP of Web3 at RealFevr, highlighted the price correlation between BTC and ETH and suggested that Ethereum is currently undervalued relative to Bitcoin due to its advanced features.
“Ethereum still remains the most widely adopted ‘world computer,’ and its EVM is the most popular development environment,” shares Febrero. “At the moment, [ether is] immensely underpriced vs. bitcoin; therefore, I expect a massive swing up in ETH/BTC once the market understands its capabilities (DeFi, NFTs, gaming, gambling).”
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