Technical correction of Ethereum indicates potential growth to $3,400
After a period of consolidation and a noticeable decline, the technical analysis of Ethereum's (ETH) price dynamics shows signs of potential recovery. Key indicators and chart formations suggest the possibility of ETH rising to the level of $3,400.
In recent weeks, Ethereum has undergone a correction after reaching local highs. However, this correction seems to be concluding with the formation of important support levels. Analysts note that ETH has managed to stay above key moving averages, which is traditionally viewed as a bullish signal.
One of the key technical indicators pointing to potential growth is the formation of a "pennant" or "flag" pattern on the daily chart. This pattern typically serves as a short-term consolidation figure that precedes a continuation of the previous trend. In the case of Ethereum, a breakout above the upper boundary of this pattern could signal a strong recovery of the upward movement.
Additionally, momentum indicators, such as the Relative Strength Index (RSI) and MACD, also show positive shifts. RSI has emerged from zone #ETH走势分析