Ethereum’s Price Surges to New High, Indicating an Uptrend
Ethereum’s price has been struggling to keep up with Bitcoin’s dominance, but that may change soon. The cryptocurrency has reached a new high in 2023, signaling the formation of an uptrend.
This move is significant because it represents a local higher high, which is a key characteristic of an uptrend. Additionally, Ethereum has established a pattern of higher lows, further confirming the upward market structure.
ETHUSD’s Ascending Triangle Points to $3,000 to $4,000 Target
By surpassing the $2,000 mark after weeks of consolidation, Ethereum is now aiming for $3,000. Moreover, it has broken out of an ascending triangle pattern that has been forming for the past 18 months. This breakout suggests a potential target of $4,000 per ETH.
If Ethereum manages to reach these levels, it has a strong chance of setting new all-time highs due to the current momentum in the crypto market.
Hot Take: Ethereum Continues its Bullish Run
Ethereum’s recent surge to a new 2023 high indicates a promising uptrend. With its ascending triangle breakout and potential target of $4,000 per ETH, the cryptocurrency is poised for further gains. If momentum continues in the crypto market, Ethereum could even surpass its previous all-time highs. Keep a close eye on ETHUSD as it pushes towards $3,000 and potentially beyond.
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