Ethereum’s Weekly Triangle Breakout: Bullish Momentum and $13,000 Potential Unveiled

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  • ETH’s symmetrical triangle on the weekly chart suggests a potential 233% breakout, targeting $9,407 or higher.
  • An inverse head-and-shoulders on the daily chart positions resistance at $3,763.72 and support at $3,130.50.
  • Technical indicators like RSI (50.33) and MACD (bullish) support a rebound.

Ethereum’s movement has drawn attention as it forms a symmetrical triangle on the weekly chart. This crucial technical structure, which often signals a period of consolidation followed by a strong breakout, could play a role in determining ETH’s next trajectory. 

ETH Symmetrical Triangle Formation

The pattern is a well-known structure that typically reflects market indecision, with price action compressing into a narrowing range. Ethereum’s current weekly timeframe shows this design forming, suggesting a price movement may be coming. This formation is marked by a series of lower highs and higher lows, which link toward a breakout point.

According to an observation by Clifton X, the breakout occurred above the upper resistance trendline, indicating bullish momentum. The projection measures a potential 233% increase from the breakout, targeting $9,407. Price levels remain well above the ascending trendline, showing sustained higher lows since 2020. 

Source: Clifton(X)

Recent price behavior indicates ETH is making another attempt to break out of the symmetrical triangle. This push comes as trading volumes within the pattern remain relatively steady, often a precursor to heightened volatility.

Upside Breakout Scenario

Ethereum’s price could target levels as high as $13,000 in the case of an upside breakout from this symmetrical triangle. This potential target aligns with projections based on the pattern’s height measured from its widest point.

Ethereum’s price action on the daily timeframe notes the formation of an inverse head-and-shoulder pattern. The left shoulder, head, and right shoulder align with key resistance at $3,763.72 and support at $3,130.50.

Source: Trading View

The RSI currently reads 50.33, indicating neutral momentum, while the MACD shows a bullish crossover at 7.11. The price has rebounded from support, rising 5.72% to $3,394.51. A breakout above $3,763.72 could target higher levels near $4,103.18. The chart suggests upward potential supported by technical indicators and price structure.

The post Ethereum’s Weekly Triangle Breakout: Bullish Momentum and $13,000 Potential Unveiled appeared first on Cryptonewsland.

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