Ethereum has failed to impress in comparison with Bitcoin and even many other altcoins during this year’s early phase of the crypto bull market. However, the stars may be starting to align for the number 2 cryptocurrency.
Crypto recovers quickly
Following Tuesday’s joint US DOJ and Treasury enforcement action against Binance and its leader Changpeng Zhao, the crypto market took a bit of a tumble. However, Wednesday has dawned brightly for the crypto market, and ethereum is starting to look strong.
$ETH bull flag
Source: Trading View
In the short term 4-hour time frame it can be seen that $ETH is in a flag and is approaching the top for a potential breakout to the upside. The measured move for this breakout could potentially be to $2,200.
Ascending triangle
Source: Trading View
Looking further out on the daily time frame $ETH looks to be ready to break the top of an ascending triangle once again. The price did venture out earlier this month but this turned out to be another fake out. Once $ETH does break out of this triangle, confirms, and gets the odd week as consolidation above, rocket propellant could be what pushes the price rapidly to the upside.
Macro up-sloping channel
Source: Trading View
Looking out even further from a macro perspective, $ETH is also inside an upward sloping channel. Bitcoin has a similar one. Reaching the top of this channel could potentially carry $ETH to between $2,600 to $3,000.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
