This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.
Ether ETH appears poised to surpass the $3,000 mark as it forms an „ascending triangle” pattern on the price chart.
The ascending triangle is characterized by horizontal upper-bound resistance or supply point that repeatedly caps gains and an upward-sloping support line.
Ether has faced resistance at $2,735 multiple times over the past two weeks, while subsequent reaction lows have been rising. The price action represents an ascending triangle.
The higher lows indicate that buying pressure is rising, which is what gives the ascending triangle its bullish nature. In other words, the pattern represents accumulation that usually sets the stage for the next leg of higher prices.
An expected breakout from the ascending triangle would signal a resumption of the rally from April lows near $1,390, opening the door for a move above $3,000.
The impending crossover of the 50-day simple moving av
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