Ethereum Retests Symmetrical Triangle Pattern, Analyst Sets Next Target

Crypto analyst Trader Tardigrade has provided a bullish outlook for the Ethereum price, predicting it could soon witness a massive move to the upside. As part of his analysis, Trader Tardigrade also revealed how high ETH could reach as it enjoys this upward trend. 

Ethereum Set To Rally To $3,180 As ETH Retests Symmetrical Triangle

In an X post, Trader Tardigrade revealed that the Ethereum price is retesting a symmetrical triangle after a breakout. The analyst added that the ETH target from this pattern is $3,180. The analyst’s accompanying chart showed that ETH could even rally to as high as $3,4000 when this parabolic move to the upside happens.

Related Reading: Ethereum Price Forms Falling Wedge Pattern On 1-Day Chart That Suggests 20% Rally Is Coming

Crypto analyst Titan of Crypto also recently alluded to a symmetrical triangle that provided a bullish outlook for the Ethereum price. In an X post, the analyst stated that this symmetrical triangle was still in play. The analyst’s accompanying chart showed that ETH could rally to as high as $6,000 when it breaks out from this triangle. 

Meanwhile, in another X post, Trader Tardigrade highlighted a bullish pattern and stated that he wouldn’t be surprised if the Ethereum price repeats the same pattern again. He added that ETH’s trend is upward. The analyst’s accompanying chart showed that Ethereum could rally as high as $4,500. 

In the meantime, the Ethereum price continues to range between $2,600 and $2,800 and is undoubtedly still at risk of breaking below crucial support levels. In an X post, crypto analyst Ali Martinez stated that the most critical support level for Ethereum is at $2,425, where 10.33 million wallets accumulated 62.43 million ETH. 

ETH Is Gearing Up For A Monster Move

In an X post, crypto analyst Merlijn stated that the Ethereum price is gearing up for a monster move. He explained that the multi-year ascending triangle is taking shape while higher lows are in play with the accumulation phase loading. Meanwhile, a price breakout could follow suit soon with price discovery move activated. 

The analyst added that the charts don’t lie and that the Ethereum price is gearing up for something massive. The analyst’s accompanying chart showed that ETH could reach $8,000 when it breaks out from this ascending triangle pattern. 

Crypto analyst Marco Polo also echoed a sentiment similar to Merlijn’s. He stated that the altcoin’s price is looking solid here, with a small ascending triangle forming and higher lows stacking up. He remarked that the current price action feels like an accumulation phase before the real move. The analyst added that things would get interesting fast if ETH pushes past $3,000 this week. 

At the time of writing, the ETH price is trading at around $2,660, down in the last 24 hours, according to data from CoinMarketCap.

Featured image from Adobe Stock, chart from Tradingview.com