According to AMBCrypto's technical analysis, Ethereum appears to be forming a bullish pattern on the four-hour chart and is ready to break out.
The chart shows that ETH has formed a descending triangle pattern, and the price is currently approaching the narrow area of this pattern.
According to the recent price movement, if Ethereum breaks this pattern and closes above $4,470 on a four-hour candle, it could pave the way for a significant 10% price increase.
If this happens, the asset may not only retest its historical high but could also reach new heights.
Currently, the 15-day and 21-day Exponential Moving Averages (EMA) constitute strong resistance levels, with the price currently hovering below them. A breakout above these resistance levels could trigger a bullish breakout.
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Ethereum price movement and future levels
According to AMBCrypto's technical analysis, Ethereum appears to be forming a bullish pattern on the four-hour chart and is ready to break out.
The chart shows that ETH has formed a descending triangle pattern, and the price is currently approaching the narrow area of this pattern.
According to the recent price movement, if Ethereum breaks this pattern and closes above $4,470 on a four-hour candle, it could pave the way for a significant 10% price increase.
If this happens, the asset may not only retest its historical high but could also reach new heights.
Currently, the 15-day and 21-day Exponential Moving Averages (EMA) constitute strong resistance levels, with the price currently hovering below them. A breakout above these resistance levels could trigger a bullish breakout.
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