CandleFocus

Ethereum Is Forming A 1-Hour Symmetrical Triangle – Bullish Breakout Or Deeper Correction?

Author: Content Editor
Ethereum has experienced a challenging start to the year, with its price falling over 16% since January 6. Analyst Carl Runefelt suggests that Ethereum is forming a symmetrical triangle pattern on the 1-hour timeframe, indicating an imminent significant price move. A breakout could reverse the bearish trend, while a breakdown could extend losses. Key levels to watch are $3,000 and $3,500. Ethereum's performance in the coming days will be crucial for the broader altcoin market. The current price is testing the daily 200 EMA, and holding this level could spark a bullish recovery. However, a drop below $3,000 could lead to a deeper correction. Ethereum's short-term trend hinges on its price action in the next few days.

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