CandleFocus Ethereum Targets $8,000: Ascending Triangle Near $4,000 Signals a Bullish Breakout
2024-12-01
Author: Content Editor
The current price action of Ethereum suggests the formation of an ascending triangle pattern on the monthly chart. This pattern is seen as a bullish continuation structure, with a rising support line and a horizontal resistance level. Ethereum needs to break the resistance at $4,000 for the bullish trend to be confirmed, and a breakout above this level could target the $8,000 region in the mid-term. Traders view any price below $4,000 as a favorable entry point, and a breakout is expected to attract fresh capital into the market. However, failure to maintain the rising support line could lead to consolidation or retracement, with key support levels at $3,400.
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