Ethereum Analysis Indicates a $3000 Target
Date: 2023-09-12 Author: Dima Zakharov Categories: BLOCKCHAIN
Ethereum's Short-Term Dip
Over the past 24 hours, Ethereum, the leading altcoin, saw its price slide below the $1600 mark. This downturn has cast a shadow over its weekly and monthly performance, pushing these indicators into the red.
Breakout Patterns on the Weekly Chart
Despite this brief bearish impulse, Ethereum's weekly chart reveals breakthrough patterns that hint at the potential for substantial growth in the coming months. Investors and traders should take note of two breakout patterns that have formed on the weekly ETH chart.
Symmetrical Triangle Pattern:
One of these patterns, which emerged over the last few months, is the symmetrical triangle pattern. This pattern suggests that Ethereum's price may rise from late 2023 through the first quarter of 2024. If this breakout trends upward, it could transform the $2160 resistance level into support, paving the way for Ethereum to reach $3000.
Bearish Wedge Pattern:
On the flip side, a bearish breakout could lead Ethereum to retest the $1380 support level. If selling pressure persists, the price of the leading altcoin could plummet to $980.
Bullish Wedge Pattern:
However, a bullish breakout appears more likely, given the formation of a second breakout pattern on the weekly ETH chart over the last month. During this time, Ethereum's price reached both lower lows and lower highs, resulting in the formation of a falling wedge pattern.
Potential for a Bullish Surge
Should this pattern be confirmed, Ethereum may break above the long-term symmetrical triangle pattern. Subsequently, the price of Ether could begin its ascent towards the $3000 mark.
Currently, Ethereum is trading at around $1600, with this level being revisited thanks to Bitcoin's recovery above $26,000.
