Despite the current unfavorable outlook, taking a step back and examining the larger time frames reveals several bullish patterns that suggest a potential rise in price in the future.
Over the extended period, price action has conformed to an upward channel since 2020. This upward channel's legitimacy is substantiated by numerous pivot points aligning with its resistance, support, and mid-band trend lines. At present, the price has once again tested the support of this channel, part of which forms the support of a long-term bullish ascending triangle.
A notable aspect is the establishment of a long-term price base, illustrated by the orange curve, above the $1000 mark.
Furthermore, the bullish C-fork experienced an upward breakout in April 2023. The target of this C-fork corresponds to the C-fork pivot at $3500. Intriguingly, there was a lack of price rise after the break up from the C-fork, with price retesting multiple times the final leg of the C-fork.
The optimistic scenario involves price rebounding from the C-fork leg and ascending triangle support, heading towards the c-fork's target of $3500. If price break upward from the ascending triangle, the triangle's measured move is $4760, coincidentally aligning with the C-fork's highest pivot.
Anticipating a more ambitious outcome, I believe ETH could potentially reach $20,000, which marks the zenith of the ascending channel, around August 2024.
Conversely, the bearish scenario envisions a breakdown in price from the ascending triangle and rising channel. This could lead to a dramatic fall in price to the measured move at $285, with first support at $630.
Link below is an idea from August 2022 that aligns perfectly with this current analysis.
Over the extended period, price action has conformed to an upward channel since 2020. This upward channel's legitimacy is substantiated by numerous pivot points aligning with its resistance, support, and mid-band trend lines. At present, the price has once again tested the support of this channel, part of which forms the support of a long-term bullish ascending triangle.
A notable aspect is the establishment of a long-term price base, illustrated by the orange curve, above the $1000 mark.
Furthermore, the bullish C-fork experienced an upward breakout in April 2023. The target of this C-fork corresponds to the C-fork pivot at $3500. Intriguingly, there was a lack of price rise after the break up from the C-fork, with price retesting multiple times the final leg of the C-fork.
The optimistic scenario involves price rebounding from the C-fork leg and ascending triangle support, heading towards the c-fork's target of $3500. If price break upward from the ascending triangle, the triangle's measured move is $4760, coincidentally aligning with the C-fork's highest pivot.
Anticipating a more ambitious outcome, I believe ETH could potentially reach $20,000, which marks the zenith of the ascending channel, around August 2024.
Conversely, the bearish scenario envisions a breakdown in price from the ascending triangle and rising channel. This could lead to a dramatic fall in price to the measured move at $285, with first support at $630.
Link below is an idea from August 2022 that aligns perfectly with this current analysis.
