$ETH I'm coming for you, but only when you break above $3600.
FIVE reasons why this level is critical based on the Daily chart:
1. Falling Wedge breakout confirmation:
A breakout above $3600 would confirm the falling wedge pattern, with a target of $4457. This is a high-probability setup with strong historical success rates.
2. Fair Value Gap flip:
The Fair Value Gap at $3600 has been a tough resistance zone for nearly two weeks. If flipped into support, it would become a reliable launchpad for further upside.
3. Break of the main trendline:
The slightly diagonal, light-blue trendline would be decisively broken. This time, it’s likely for good, indicating a meaningful shift in momentum. This trendline originated from March 2024 Ether's peak last year, and it's has served its time.
4. 50-day Moving Average breakout:
A break above $3600 would also push the price above the 50-day Moving Average, adding to the bullish momentum and signaling a trend shift to the upside.
5. Bullish Market Structure flip:
The market structure on the daily timeframe would flip bullish, with a higher high following the recent higher low. This is a classic confirmation of trend reversal.
Phew.
Such a confluence of technical factors, all accumulating around this level, is rare. I’ll call it a Multi Breakout—a setup so strong that I’m considering going high stakes. I only take these trades a few times a year, and only when the setup is rock-solid.
I just hope this doesn’t happen overnight—I’d hate to miss it.
Oh, and one more thing: this quadruple+ breakout would likely ignite an altcoin season. Until then, I don't love $ETH although keeping my Golden Pocket positions intact. 💙👽
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