Ethereum pumped going into this month and regained this major uptrend as well as regained key levels of support including: $3,162 , $3,242 , and now is fighting for $3,431. Once ETH breaks the key level of resistance at $3,431 there will be a lift off to the $3,821 (2.618 Fib) level and from there will determine if the swing up has enough momentum to carry it out of the pennant. On the weekly time frame, Ethereum has already painted the bottom wick of the weekly candlestick and is looking for some upwards action.
Moving forward going into October, Ethereum is looking to reverse to its previous highs as it comes closer to breaking out of this downtrend holding the price down. At the moment, Ethereum is currently consolidating inside of two converging trend lines and prepping for a breakout to a bullish continuation pattern.
If Ethereum breaks out of the downtrend and regains this uptrend and $3,821.59 as support, we are going to have a great month and see new highs. My targets in this scenario are:
TP2 🎯 $3,927.00
TP3 🎯 $$4,161.59
TP3 🎯 $4,339.30
TP4 🎯 $4,933.42
Check out the attached chart which highlights the bullish pennant on the 3-day time frame. We are still trading in between the two trend lines and waiting to breakout.
Thanks traders! Let me know your thoughts down below!
As always please do your own research, I am not a licensed financial advisor and this information is for educational purposes only.
Moving forward going into October, Ethereum is looking to reverse to its previous highs as it comes closer to breaking out of this downtrend holding the price down. At the moment, Ethereum is currently consolidating inside of two converging trend lines and prepping for a breakout to a bullish continuation pattern.
If Ethereum breaks out of the downtrend and regains this uptrend and $3,821.59 as support, we are going to have a great month and see new highs. My targets in this scenario are:
TP2 🎯 $3,927.00
TP3 🎯 $$4,161.59
TP3 🎯 $4,339.30
TP4 🎯 $4,933.42
Check out the attached chart which highlights the bullish pennant on the 3-day time frame. We are still trading in between the two trend lines and waiting to breakout.
Thanks traders! Let me know your thoughts down below!
As always please do your own research, I am not a licensed financial advisor and this information is for educational purposes only.
Comment:
Quick update on the price of Ethereum on the 4-hour time frame, we can see that we're currently holding support above the accumulation zone at $3,431 and are priming for a lift off to the TP levels around $3,821 - $3,927 (2.618 Fib distribution zone)
