Highlights about Ethereum:
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📈 Ethereum surpasses $3500 but faces a critical test
Current price: Ethereum reached $3606.9 after a rise of $1050 over two weeks (+40.29%).
Reason for significance: The price is currently testing a long-term ascending resistance line on the two-week candlestick chart (each candlestick = 14 days).
The critical test: We must wait for the close of the Sunday candlestick to confirm whether the breakout is genuine or not, especially since 3 previous breakout attempts have failed.
Technical context: A "rising triangle" pattern has formed, which is a historical pattern that has repeated in 2016, 2019, and 2022, and has always ended with a downward reversal.
Optimism and caution: Despite the strong positive momentum this time, traders remain cautious fearing a repeat of past scenarios.
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📌 Summary:
Markets are eagerly awaiting the close of the Sunday candlestick. If the price closes above $3600 consistently, it may indicate the beginning of a long-term upward trend. Conversely, failure may lead to a new corrective drop.
CoinMarketCap
