Ethereum Price Signals Potential 60% Surge

Gloria_Gugu Updated   
Ethereum is showing signs of a significant breakout, forming an ascending triangle pattern with three higher lows and three nearly equal highs since June 2022. A decisive weekly close above the $2,000 horizontal resistance could trigger a 43% surge to $2,943.

Currently, Ethereum is holding above the support of the Momentum Reversal Indicator (MRI) at $1,936, indicating potential strength. If Bitcoin's price remains stable, Ethereum is expected to rally towards $2,943, facing resistance at $2,539.

While the target is theoretically $2,943, Ethereum could surpass this and reach $3,186, implying a 60% increase. Conversely, a failure to maintain support above $1,936 may lead to a correction towards $1,795. A weekly close below $1,547 would invalidate the bullish scenario, potentially pushing Ethereum down to $1,309.

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