The price of Ethereum shows signs of the approaching breakthrough When it moves there and returns in the falling wedge pattern on the time chart of the daily candlestick. According to the first analysis Published on the TRADINGVIEW platformThis formation is a powerful stubborn signal that can push the price of Ethereum to USD 3800 if the story repeats.

Falling Wedge, which is known to be a stubborn structure of the price, develops between 50-day and 200-day average movable for Ethereum, according to a similar pattern from the previous Ethereum prices last year.

Ethereum repeating the falling wedge pattern

Ethereum has largely worse results in this cycle Without any clear breakthrough. In addition, the cryptocurrency has not yet returned to its height throughout 2021, unlike many Other cryptographic counterparts with huge market hats.

The technical analysis of the current Ethereum price operation shows that the leading Altcoin has been trading since the beginning of the year. This decline characterized creating lower levels and lower falls, Which is like a falling wedge pattern. It is very captivating that this wedge pattern on the Ethereum price chart develops between the average average up to 50 days to 200 days, which makes it even more peculiar.

The TradingView analyst emphasized that the current drooping structure of the Clin’s price reflects the model of March 2024, in which Ethereum creates a triple bottom before it stood out and reached the level of extension of 0.786 Fibonacci. If the same scenario happens, the current falling wedge can serve as a starting price augment in the direction of $ 3,800. This is a potential 20% advantages from the current range of Ethereum trade.

Resistance levels can delay the rally

At the time of writing, Ethereum trads at USD 3180, which is an augment of 1% in the last 24 hours. It means constant climbing with The lower end of the wedge pattern, approaching the cryptocurrency to breaking above the upper trend line around USD 3,250.

While Technical configuration The stubborn after an expected breakthrough, it should be noted that Ethereum faces a significant resistance obstacle from 3,400 to 3,500 USD. Sellers placed in this resistance zone acted as a powerful barrier in recent months and successfully stopped earlier attempts to push higher.

If Ethereum does not break through the upper end of this range, another ephemeral rejection may occur before any lasting transition in the direction of USD 3800.

If Ethereum successfully removes the resistance of $ 3500, it can pave the way for more expanded trend stubborn, with $ 3800 as the next logical goal. In particular, this goal $ 3,800 reflects the tempered Ethereum prospects compared to the previous market expectations, the sentiment shaped by its recent price. However, if a powerful stubborn rush approaches $ 3,800, it can cause an even greater push in the direction of $ 4,000.

A distinguished picture from Unsplash, tradingview.com chart