Ethereum: Formed a Right-Angle Broadening FormationHello guys!
Pattern Identified:
This is a Right-Angle Broadening Formation (characterized by a flat resistance level at the top (around $4,200 – $4,300) and a rising lower trendline). It shows increasingly volatile swings upward while repeatedly testing the same ceiling.
Technical Implication:
RABFs are typically bullish continuation patterns. The flat top acts as a breakout trigger, while the rising base indicates consistently higher lows and aggressive buyer support.
Price Objective:
According to the pattern’s measured move principle, the breakout target is projected by the vertical height of the formation, added to the breakout point:
Height : $2,070
Breakout point : $4,300
Target : $6,370 (first objective)
Extended bullish run could reach $8,500 if momentum sustains.
Key Levels:
Resistance: $4,200 – $4,300 (breakout trigger)
Support: $3,700, then $3,200
First measured target: $6,370
Extended target: $8,500
Bullish Scenario:
Strong daily close above $4,300 with volume could kickstart a rapid move toward the first target, possibly with only a brief consolidation at $5,100 before continuation.
Long
