Ethereum’s Ascending Triangle Signals Major Price Move with Key Levels to Watch

• Ethereum’s ascending triangle pattern signals a potential breakout, with key level at $2,631.
• Ethereum’s price converges near the triangle’s apex, suggesting imminent significant movement.
• Ethereum’s next move could target $3,273 or drop to $2,089 based on the triangle’s resolution.

A recent technical analysis indicates that Ethereum is currently experiencing a critical phase in its price trajectory. The study, derived from a chart on Bybit and discussed by The Moon on X platform, identifies an ascending triangle pattern forming on the Ethereum to USDT 1-hour trading timeframe.

The chart reveals that Ethereum’s price converges near the triangle’s apex, indicating an impending significant price movement. This pattern is marked by a series of higher lows, as illustrated by the yellow upward-sloping support line, suggesting a bullish trend. However, resistance has been consistent at the upper green zone, where the price has struggled to break through convincingly.

Potential price movements are forecasted based on the triangle’s height, indicating a bullish breakout target of $3,273 or a bearish decline to $2,089 should the pattern resolve downward. The key level to watch is $2,631, which could determine the direction of Ethereum’s next major price action. A decisive move above or below this point is expected to influence market behavior significantly.

Source: The Moon

As of the latest updates, Ethereum’s price stands at $2,653.39, with a trading volume over the last 24 hours reaching approximately $17.55 billion. Despite a minor downturn of 0.54% within the same timeframe, Ethereum maintains a robust market presence with a live market cap nearing $319 billion.

The price graph from CoinMarketCap portrays a typical volatile day in the crypto market, where Ethereum’s price peaked at $2,725 before dipping to lows around $2,625. This fluctuation emphasizes the cryptocurrency’s susceptibility to rapid price changes, driven by market sentiment, economic indicators, and news developments.

Source: CoinMarketCap

The trading situation for Ethereum is very unstable, and traders and investors are keeping a close eye on important high and low price levels. Whether Ethereum continues to rise or starts to fall will depend a lot on overall market trends and how investors respond to critical prices.