Ethereum Could Push To $6,000 If This Pattern Holds, Analyst Says
2024年10月15日 - 5:30PM
NEWSBTC
An analyst has explained how Ethereum could see a run toward the
$6,000 level if this historical pattern continues to hold for the
asset’s price. Ethereum Ascending Channel Could Reveal Its Next
Destination In a new post on X, analyst Ali Martinez has discussed
a pattern that the 1-week price of Ethereum has potentially been
following during the last couple of years. The pattern in question
is the “Ascending Channel” from technical analysis (TA), which is a
type of Parallel Channel. In a Parallel Channel, the asset
consolidates between two parallel trendlines, with the upper level
connecting successive tops and the lower bottoms. Related Reading:
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These two levels are slopped upwards in the case of an Ascending
Channel, as already hinted at by its name. Thus, an Ascending
Channel only forms when the asset sets higher highs and lows. The
lower level of the pattern can support the price, while the upper
one may act as resistance. If either of these levels break, the
asset could see a continuation of trend in that direction; a surge
above the top line can be a bullish sign, while a drop under the
bottom line can foreshadow a bearish outcome. There is also another
type of Parallel Channel, called the Descending Channel, which
works much in the same way as the Ascending Channel, except for the
fact that it points downwards. Now, here is the chart shared by
Martinez that shows the Ascending Channel that the 1-week Ethereum
price could be trading inside right now: As displayed in the above
graph, the 1-week Ethereum price has recently been retesting the
bottom level of this potential Ascending Channel pattern. The
analyst has highlighted what happened the last few times that the
coin made a retest of this line. “Every bounce off this channel’s
lower boundary has historically led to an average 130% price
increase for Ethereum,” notes Martinez. Thus, if the Ascending
Channel continues to hold for the cryptocurrency, it could benefit
from another surge shortly “If this pattern holds, a similar move
could push ETH to $6,000—provided the $2,300 support level stays
intact,” says the analyst. This support level naturally corresponds
to the channel’s bottom line, a drop beyond which could potentially
invalidate the formation. Related Reading: Bitcoin Whales Are Going
Through A ‘Generational’ Shift, CryptoQuant CEO Reveals Given this
pattern forming in its weekly chart, It remains to be seen how the
Ethereum price will develop in the coming months. ETH Price
Ethereum has enjoyed a sharp 7% rally during the past 24 hours,
which has taken its price above the $2,600 mark. Featured image
from Dall-E, charts from TradingView.com
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