ETH Eyes $10,000—But One Key Resistance Stands in the Way! 🚀🪙
Ethereum might target $10,000 if it breaks this technical analysis pattern's resistance line.
ETH uses technical analysis (TA) patterns. Parallel Channels occur when an asset's price consolidates between two parallel trendlines.
The Parallel Channel with trendlines parallel to the time-axis is of importance in this topic. This kind occurs when cryptocurrency consolidates precisely sideways.
Like other consolidation patterns in TA, the Parallel Channel's top level is considered resistance and the lower support. Breaking either barrier might indicate a trend continuance. It might be bullish to rise above the channel and bearish to dip below it.
The analyst's graphic illustrates the Parallel Channel that Ethereum's 1-week price has traded in for years:
As seen in the graph, Ethereum retested the lower Parallel Channel threshold earlier this year and found support. Since then, the currency has risen, and its recent surge has gotten it near to the pattern's top level, approximately $4,000.
The previous three times ETH tried this threshold, it was denied. If the asset escapes this time, a positive breakthrough may follow.
“If Ethereum $ETH can break $4,000, we could see $10,000 next!” Parallel Channel breakouts may match channel height, therefore the level is depending on that. Ethereum may retest the top level of the pattern soon or find a break.
In other developments, Glassnode reports a rise in First Buyer ETH supply.
initially Buyers are ETH investors who bought the cryptocurrency initially. The supply owned by this sort of holding has grown by 16% since early July, suggesting new asset inflows.
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