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Ethereum eyes potential rally as bullish pattern emerges

EditorAmbhini Aishwarya
Published 11/28/2023, 02:18 AM
Updated 11/28/2023, 02:18 AM
© Reuters.

The cryptocurrency Ethereum, currently holding a market capitalization near $250 billion and standing as the second-largest by market size, has been displaying signs of a potential uptick. Analysts have identified a bullish triangle pattern on the Ethereum chart, which has been forming since mid-2022 following Terra's collapse. This pattern suggests that if Ethereum can break through the key resistance level above $2,100, and particularly if it crosses the $2,200 mark, it could set off a significant rally toward its all-time high of $4,800.

The current price of Ethereum hovers around $2,047, which is substantially lower than its peak. However, the cryptocurrency has seen a notable increase of 16.53% over the past month, managing to surpass the important $2,000 threshold, which now acts as a support level. The anticipation builds as the pattern indicates a possible ascent, although such a climb is expected to develop no sooner than 2024.

Investors and traders are keeping a close watch on Ethereum's movements, as surpassing the $2,100 resistance could signal the start of a bullish trend, potentially leading to a doubling in value from its present price. The market is closely monitoring Ethereum's performance, considering the long-term pattern and recent momentum that could suggest a change in the digital currency's trajectory.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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