The analyst explained how Ethereum (ETH) can see how the price of up to 1700 USD if the level of support for this technical analysis pattern (Ta) fails.

Ethereum may be threatened with the support of the growing channel

In fresh post On X, the ALI Martinez analyst discussed where Ethereum could be based on a pattern forming on a 12-hour price chart. The pattern in question is a parallel channel with the one that, as the name suggests, includes two parallel trend lines that are inclined up.

When the resource is in this channel, it undergoes consolidation towards the net advantage. Higher vertices at the price follow the upper line of the pattern, while the higher low low levels.

Like other patterns, it is assumed that the previous line acts as a source of resistance in the near future, and the latter as a support point. Troops from one of these borders can mean a continuation of the trend in this direction.

The emerging parallel channel is not the only parallel channel in Ta. When instead of this parallel consolidation occurs in the minus, the formation is known as a descending parallel channel. None of them, however, is the most -observed type, because this title is maintained by the basic parallel channel, which has its lines of trends parallel to the time axis (i.e. they have a zero slope).

Now there is a chart divided by an analyst, which shows the growing channel that the 12-hour price of Ethereum has been trading inside for the last few years:

The chart shows that the half -day price of Ethereum has recently been a very tiny re -test at a lower level of rising. The coin found support at the time, but its value still flows quite close to the line, which means that another one may soon take place. The level is currently located at USD 2,500.

Over the past few years, this line has constantly maintained cryptocurrency, so it is possible that it can do it again in the near future. “If Ethereum $ ETH It has above USD 2,500, it can reflect in the direction of USD 4000 and even USD 6000, “notes Martinez.

The first goal is in the middle of the channel from the current sign, while the latter corresponds to the upper level. Last time ETH crowned near the previous line.

“However, if $ 2,500 is promoted as support, the next goal moves to 1700 USD!” warns the analyst. From the current price of the coin, the disaster for this purpose would mean a decrease by over 39%.

Now it turns out whether Ethereum will complete the lower level of the ascending channel in the coming days or not again.

Price ETH

At the time of writing, Ethereum sails by around 2800 USD, which is a decrease of over 6% in the last seven days.

A distinguished picture from Dall-E, charts from tradingview.com