Ethereum (ETH) price is bullish on lower and higher timeframes alike, as token holders ride the wave of what already seems to be the making of a bull market.
Ethereum price has been consolidating along an ascending trendline for the past eighteen months, with the $2,035 level holding as resistance. The overall price action has formed an ascending triangle pattern, which forecasts a $4,736 price target for ETH. The bullish thesis will be invalidated once the altcoin breaks and closes below the ascending trendline at the $1,500 psychological level.
Effectively, the Awesome Oscillators histogram bars are also flashing green to show the bulls maintain a strong presence in the ETH market. ETH/USDT 1-week chart On the flip side, profit-taking could nullify the projection by sending Ethereum price south, potentially losing the support offered by the ascending trendline at the $1,500 psychological level. This would invalid the bullish thesis.
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