An analyst has explained how Ethereum could see a run toward the $6,000 level if this historical pattern continues to hold for the asset’s price.
Ethereum Ascending Channel Could Reveal Its Next Destination
In a new post on X, analyst Ali Martinez has discussed a pattern that the 1-week price of Ethereum has potentially been following during the last couple of years.
The pattern in question is the “Ascending Channel” from technical analysis (TA), which is a type of Parallel Channel. In a Parallel Channel, the asset consolidates between two parallel trendlines, with the upper level connecting successive tops and the lower bottoms.
These two levels are slopped upwards in the case of an Ascending Channel, as already hinted at by its name. Thus, an Ascending Channel only forms when the asset sets higher highs and lows.
The lower level of the pattern can support the price, while the upper one may act as resistance. If either of these levels break, the asset could see a co
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