Here is the rewritten content:
Ethereum’s Price Action Shows Signs of Impending Breakout
Ethereum’s price action is showing signs of an impending breakout as it moves back and forth within a falling wedge pattern on the daily candlestick time frame chart. According to an analysis first posted on the TradingView platform, this formation is a strong bullish signal that could push the Ethereum price toward $3,800 if history repeats itself.
Ethereum Repeating Falling Wedge Pattern
Ethereum has largely underperformed this cycle without any clear breakout yet. Furthermore, the cryptocurrency has yet to recover towards its 2021 all-time high unlike many of its other crypto counterparts with large market caps.
Technical analysis of the current Ethereum price action shows that the leading altcoin has been trading in a decline since the beginning of the year. This decline has been characterized by the formation of lower highs and lower lows, which is quite like a falling wedge pattern.
Resistance Levels Could Delay the Rally
At the time of writing, Ethereum is trading at $3,180, up 1% in the past 24 hours. This marks a steady climb from the lower end of the wedge pattern, bringing the cryptocurrency closer to breaking above the upper trendline around $3,250.
Conclusion
In conclusion, the technical setup leans bullish after the predicted breakout, with the potential for a 20% upside from Ethereum’s current trading range. However, resistance levels between $3,400 and $3,500 could delay the rally. A successful clear of this range could pave the way for a more extended bullish trend, with $3,800 as the next logical target.
FAQs
- What is the current price of Ethereum?
Ethereum is currently trading at $3,180. - What is the predicted target price of Ethereum if the falling wedge pattern breaks out?
The predicted target price is $3,800, which represents a 20% upside from Ethereum’s current trading range. - What is the resistance level that could delay the rally?
The resistance level between $3,400 and $3,500 could delay the rally.
