CandleFocus

Ethereum Eyes $3,000 Breakout Amid Bullish Pennant Formation

Author: Content Editor
Ethereum is experiencing a positive cycle within a falling channel pattern and is aiming to reach $3,000. The cryptocurrency has seen a bullish trend in the broader market, with the price of ETH increasing by 13.54% in the past seven days. The daily chart shows a strong bullish recovery run, but also warns of a potential evening star pattern. However, as the bullish cycle continues, the price is expected to hit the 100-day EMA at $2,784. The rising funding rates indicate increased buying activity and suggest that market participants may be becoming more bullish. In the 4-hour chart, Ethereum is forming a bullish pennant pattern and the golden crossover is visible in the 50-100 EMA, signaling a potential upside breakout. The ETH price could challenge resistance levels at $2,795 and $3,173, with support at $2,533 and $2,353.

Related News