The largest altcoin, ethereum (ETH ($ 2649.31), which was badly against Bitcoin (BTC (108,061.00 dollars) for a long time, made a major attack in recent weeks and rose from $ 1,800 to $ 2700.
With ETH entering a unification period, the market expects the price to exceed $ 3000 in the short term.
While there is a curiosity about whether Ethereum will achieve a major attack again, market analyst OMKAR GODULE assessed the possibility of ETH exceeding $ 3000.
Accordingly, the analyst has argued that ETHEREUM has formed an ascending triangular style indicating a possible increase of more than $ 3,000.
He said the ETH chart formed an ascending triangular style, the analyst said it seems ready to exceed $ 3,000.
The rising triangle is a style that is repeatedly limited by upward slope movements with a resistance line.
The formation of the rising triangle is generally a bullish formation, and after breaking the horizontal resistance line, the high -flag is expected.
At this stage, the analyst indicated that Ethereum had faced resistance with $ 2735 several times in the past two weeks, and said that ETH has formed its lowest levels, indicating an ascending triangle.
He stated that its lowest levels indicate an increase in purchase, and the analyst stated that this pressure increases the possibility of the ETH to rise above 3000 dollars.
“The expected rising collapse of the rising triangle style will indicate that ETH has resumed a rally from its lowest levels seen in April at $ 1,390 and opens the door for a step above $ 3000.”
The analyst also indicated that the simple moving average for 50 days (SMA) is very close to the SMA break for 100 days, which he said supports the upscale issue.
Finally, the analyst also warned that the declining collapse of the formation of the triangle on the ETHEREUM chart can nullify the condition of the bull and cause stronger sale pressure.
*This is not an investment advice.
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