An analyst has explained how Ethereum is retesting a breakout zone currently and that this might lead toward a price target of $3,500.
Ethereum Is Retesting The Breakout Line Of An Ascending Triangle
As pointed out by analyst Ali in a new post on X, Ethereum may be preparing for a further climb right now as it’s retesting the breakout zone of an ascending triangle.
An “ascending triangle” is a pattern in technical analysis that, as its name implies, resembles a triangle. The pattern involves a horizontal line made by connecting highs and a slant line that strings together higher lows.
When the price retests the upper, horizontal level, it could be probable to feel some resistance. On the other hand, a touch of the lower level could lead to the price rebounding back up.
A break out of either of these lines suggests a potential sustained continuation of the trend. Naturally, an escape out of the triangle towards the upside implies bullish momentum, while a fall under means bearish
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