ETH Broke the ATH! Price Action Scenarios

Hello, guys!

Today the ETH price clearly broke the ATH level. It formed the ascending triangle and broke through it. This bullish sign have the target of triangle's height, which corresponds to $1770.
The second potential target is $1900 which is the R2 pivot level.

Which scenarios could play out here?

Scenario 1. Price now is on R1 pivot level $1620, if it is able to close above it we can see the fast first target reaching. After, if the price find support above R1 the next move can be to the target 2 ($1900).

Scenario 2. Price will not be able to break the R1 now and bounce off it to the ATH level, but this is strong support and price growth continue to the targets.

We will monitor price action and do updates.

DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.

Comment:

It looks like the price is going to follow scenario 1. It clearly broke the R1 level ($1620) and found support above it. Next target is $1770 (triangle's height).

Trade closed: target reached:

Target 1 which corresponds the triangle's breakout target was reached and the price bounced off exactly from this level. Now it looks like the price found support at R1 pivot ($1620). It is high probability that the price is going to move in range between R1 and $1770 before it forms the sign for the further growth. In the next couple of weeks we expect the target 2 is reached ($1900) for ETH.