A popular cryptocurrency analyst has recently suggested that the price of the second-largest cryptocurrency by market capitalization Ethereum ($ETH) could soon surge by nearly 60% to the $3,500 after it breaks out of a key accumulation zone.
According to a post popular cryptocurrency analyst Ali Martinez shared on the microblogging platform X (formerly known as Twitter), Ethereum is “currently retesting its breakout zone from an ascending triangle,” hinting it could keep climbing further.
Per his words, the area between $1,900 and $2,150 “could be the ideal zone for accumulation” before the cryptocurrency moves up toward the $3,500 mark.
An ascending triangle, it’s worth noting, is a type of chart pattern that technical analysts use to predict price movements. It consists of a horizontal line that connects the high points of the price and a rising line that connects the low points of the price. The two lines form a triangle shape that is used to look for price breakouts, either up or down.
Ascending triangles are usually seen as continuation patterns, meaning that they indicate that the price will continue in the same direction as the trend before the triangle was formed.
Earlier this month Peter Brandt, a renowned market trader who is known for his generally pessimistic view on Ethereum, predicted that the cryptocurrency’s price could plummet to as low as $650 based on a rising wedge pattern.
A rising wedge pattern is a term from technical analysis, which is used to predict future market trends by examining historical market data, focusing on price and volume. This concept is particularly relevant in the context of stock, commodity, or cryptocurrency markets, but Brandt noted these aren’t always reliable.
The prediction came shortly after the United States Securities and Exchange Commission (SEC) postponed its decision on several Ethereum exchange-traded funds (ETFs), with the final deadline being May 2024.
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