Ethereum price is breaking above a multi-week triangle pattern, suggests there will be a continuation to the upside in the weeks ahead
Ethereum price has dropped dramatically since the August highs of $490. ETH now trades for $365, around 25% below those highs. While Ethereum is still far below the highs, ETH is printing positive medium-term to long-term signs.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price forms a pivotal bullish breakout pattern
According to Logan Han, leading Binance futures trader, Ethereum to continue its ascent after forming a bullish breakout. He noted that ETH recently broke above a descending triangle pattern after weeks of consolidation, suggesting the medium-term trend is bullish.
He shared a chart suggesting that head into the end of 2020, Ethereum will continue the ascent it has seen in the middle of the year. This comes shortly after he noted that ETH’s price action now looks similar to that seen prior to the exponential rally at the end of 2017 and the start of 2018.
Others expect the asset to break higher. Crypto trader Cold Blooded Shiller noted that as long as the cryptocurrency holds the $350 region on a macro time frame, it will move towards $700 in the months ahead. The chart shows that $350 has been pivotal for Ethereum over recent years. In 2017, it acted as a launchpad for a rally to $1,400 while in 2018, it acted at a point where the asset underwent a dead cat bounce.
The fundamentals of Etheruem are stronger than ever.
Heath Tarbert, the chairman of the U.S. Commodities and Futures Trading Commission (CFTC), said that he has been impressed with Ethereum and compared to Bitcoin, Ethereum is more like the Internet.
You can see the Ethereum price here.
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