Ethereum Shows Potential for Breakout Amid 2019-Style Wedge Pattern, Analyst Suggests $8K–$10K Cycle Top Possible
Main Idea
Ethereum's weekly chart shows a Descending Broadening Wedge pattern, similar to the 2019–2020 cycle, suggesting a potential bullish breakout with a possible cycle top of $8K–$10K, though a short-term pullback of 10%–15% may occur first.
Key Points
1. Ethereum's 1-week chart forms a Descending Broadening Wedge, resembling the 2019–2020 cycle pattern that preceded a significant rally.
2. ETH is testing the wedge's resistance, and a weekly close above it could signal the start of a new bullish phase.
3. A short-term pullback of 10%–15% is possible, which could act as a liquidity reset before a stronger rally.
4. Fibonacci extension analysis projects Ethereum's next major cycle top between $8,000 and $10,000, aligning with long-term resistance zones.
5. Ethereum is currently trading near $3,715, with increased volatility expected as it approaches key resistance levels.
Description
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