Some time ago, I talked about Ethereum head and shoulders pattern with a bear market low price target. I also said Bitcoin movement to be the savior for the Ethereum price, and it looks like this have had happen! We can now say that the Head and Shoulders pattern is no longer valid on Ethereum chart!
So now what you might ask?
Well, looks like Ethereum is forming a new pattern - in fact two possible patterns!
1. Ascending triangle
Here we could argue that the wick in the middle counts therefore this is not a valid ascending triangle! However, there are many other touchpoints that can be taken into consideration making this formation an ascending triangle!
2. Rising wedge
If you really holding onto the scenario that the above chart is not showing ascending triangle, then the rising wedge is the most likely scenario!
The apex of that one however would be somewhere in around year 2030 and upcoming top and rejection in 2024-2025 would be $2300
The Ascending triangle version would take Ethereum to $3000 price target!
So take it as you wish!
All The Best,
Aventurine!
