Ethereum’s Monthly Triangle Pattern Suggests Potential Breakout Toward $8,000 If Resistance at $4,100 Is Surpassed
Main Idea
Ethereum's price is forming a monthly triangle pattern, with analysts predicting a potential breakout toward $8,000 if it surpasses the $4,100 resistance level.
Key Points
1. Ethereum is currently trading at $3,603 and is compressing within a monthly triangle pattern.
2. A breakout above the $4,100 resistance level could lead to a price target of $8,000.
3. SharpLink Gaming acquired 83,561 ETH, but ETF outflows of $465M are creating near-term selling pressure.
4. ETH has been consolidating since 2021, with analysts noting this could build energy for a breakout.
5. Despite ETF outflows, ETH futures show strong activity, indicating increased volatility.
Description
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