The Ethereum price has been consolidating along a rising trend line for the last eighteen months and the $2,035 level remains a resistance.
The overall price action has formed a rising triangle pattern, which predicts a price target of $4,736 for.
The bullish thesis will be invalid when the altcoin goes below the uptrend line at the psychological level of $ 1,500 and closes.
The price of Ethereum (ETH) is on the rise in both lower and higher time periods, as token holders are already riding the wave that looks like the making of a bull market. However, in a higher time frame, the target target of the largest altcoin by market capitalization seems overly ambitious, but not impossible, as community members turn their faces to the exchange-traded fund (ETF) narrative and the long-awaited Bitcoin (BTC) halving. their combined impact on asset prices.
Ethereum price 18-month rising triangle predicts $4,736 target
The price of Ethereum (ETH), which consolidated above a rising triangle, combined with the effect of multiple local peaks around the $ 2,035 level, led to the formation of a rising triangle pattern.
Tuesday's Tuesday technical formation is created when the asset's price leads to the formation of a horizontal line connecting the swing highs, while a rising trend line follows it from below connecting the swing lows. Together, the trend lines form a triangle, and traders watch for breaks from the horizontal trend line. The goal goal of such a technical formation is determined by measuring the height of the triangle and superimposing it on the breaking point.
The height of the triangle for the Ethereum price is around 134% from $ 865 to $2,035 in the weekly timeframe. Adding this percentage difference to the weekly chart reveals a target target of $4,736.
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