Ethereum looks primed to rise to new all-time highs after withstanding a week-long consolidation duration that assisted flush out weak hands.
Ethereum Prepares to Breakout
Following a 27% correction that saw its market price plunge to $900 on Jan. 11, Ethereum went into a stagnation period. Its rate has actually made a series of higher lows ever since, however, the $1,270 resistance level continues to decline ETH from advancing further.
Such market behavior led to the formation of an ascending triangle on Ether’s 1-hour chart. A horizontal trendline was produced in addition to the swing highs, while a rising trendline developed along with the swing lows.
A spike in the buying pressure behind Ethereum might be strong enough to break above the overhead resistance. If this were to take place, ETH’s price could soar nearly 29% to make a brand-new all-time high of $1,650.
This target is identified by determining the range between the triangle’s two acmes and adding it to the x-axis.