At the beginning of last week, The price of ethereum was running seriously, giving up a fraction of profits collected from Previous Bull Rally. Despite this compact show of weakness, cryptocurrencies forecast that the leading Altcoin may be on the edge An explosive rally towards Fresh Time $ 9,000. This stubborn projection is based on the end of the expanding wedge formation and the ongoing re -test of the upper border of the pattern, which can now act as support.
Ethereum price chart signal
According to a recent technical analysis released Author: Cryptographic Market Expert Gerta Van Lagen in X Media Social, Ethereum can be preparing for solemn movementAt the price, potentially focused on the upper level of approximately USD 9,000. This report is based on a key chart model, Descending widening wedgewhich historically turned out to be a powerful stubborn configuration of the continuation.
In the weekly time frame, Ethereum ended the break over the upper resistance of the long -lasting drooping wedge pattern. After the first attempt to breakth he notices Ethereum will now test the previous resistance Trend Line that has exceeded potential support. This renewability is considered critical, and the analyst emphasizes him as the second ETH attempt to break higher, while maintaining stubborn rush.
The technical configuration, determined by the Lagen price table, shows the expected boost of 79% compared to a breakthrough point that could send an Ethereum gliding at USD 9,000. LaGen emphasizes that statistically such patterns will solve 67% of time, strengthening Free perspective ETH.
The price zone is also in line with the historical sales line – the area where traders can start accepting profits When the cryptocurrency approaches the upper purposes. Interestingly, LaGen notices Bitcoins price Earlier he created a similar structure of the wedge widening. At that time, the analyst predicted that the successful renewal of the upper border of the pattern could cause a huge boost of up to USD 230,000 for bitcoins. This historical parallelism strengthens the belief that Ethereum can be on the edge of a similar trajectory up if the current re -confirms support.
The analyst sees that ETH exceeds $ 5,000 in August
Despite the compact withdrawal of ETH, August is shaped to be a potentially explosive month for the leading Altcoin. Market expert, “Crypto Gems” on X, predicts That Ethereum will exceed $ 5,000 before the end of the month. The technical chart of the analyst shows a powerful stubborn forming configuration Low price correction Ethereum.
Currently, ETH trads around 3,554 USD after a edged decline from July Maks by about USD 3,900. While this decrease may seem to some, cryptographic jewels consider it a golden opportunity to buy. The analyst encourages traders to take advantage of lower prices and “Buy DIP“, As an ETH position for another potential leg.
A distinguished painting from Istock, chart from tradingview.com
