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Currently, ETH has carved out what appears to be an ascending channel, a structure that could point to a steady rise towards $4,000.
An ascending channel is outlined on the chart by two upwardly sloping parallel lines. This pattern captures the fluctuations in price between highs and lows, indicating a slow but consistent upward trend.
In the case of Ethereum, the bottom line of the channel appears to be a stepping stone for price to rebound, while the top line is where price peaks before pulling back slightly.
An important level to note is the recent resistance that Ethereum encountered near the $3,500 level. A decisive break above this point would pave the way for a test of higher resistance, which could eventually push the upper bound of the channel towards $4,000. Currently, the chart shows Ethereum hovering around $3,500, which coincides with the midpoint of the channel, a key area for bulls to protect.
On the support side, the $3,072 mark is the lower bound of the channel. As long as price stays within the channel, optimism remains. However, a break below this could indicate a need to reassess the bullish scenario.
Ethereum’s main goal going forward is to maintain momentum within this upward channel. A breakout above would confirm the strength of the bulls and could lead to a significant rally. Conversely, a failure could change market sentiment.
The positive strength of the Shiba Inu
The Shiba Inu indicates a potential explosion of volatility as the asset is about to reach the tip of the aforementioned formation. This pattern forms when the price of an asset consolidates within converging support and resistance levels, suggesting that a significant price change, a sharp rise or fall, may be on the horizon. I am.
The top of the pattern is approaching, suggesting a big move is imminent. Symmetrical triangles are notorious for their unpredictable orientation. A breakout can lead to a spike in price if it goes up, and a drop in price if it breaks out.
SHIB is currently trading within a narrow range, with the specific price to watch being near the top of the triangle at $0.00002776. A consistent move above this level could signal a breakout to the upside, and the next resistance level could form around $0.00002987. Conversely, if SHIB breaks below the triangle's lower support at $0.00002515, the next level of key support will be at $0.00002236, which could lead to a decline.
SHIB's future within this symmetrical triangle remains uncertain, as does the direction of the token and its future. If the market remains bullish, SHIB could take advantage of this pattern for a bullish breakout.
Cardano at reversal point
Cardano indicators are hinting at an upcoming reversal. The asset has reached a key price level that has served as the starting point for bullish reversals in the past.
ADA has been hovering around $0.57, which has historically served as a key point. This price acted as strong support in the previous trading session, hinting at a possible rebound. The key resistance to overcome for a solid reversal is $0.62, which, if broken, could send ADA rallying towards the next resistance level at $0.65.
If ADA fails to hold this support level, the next important floor is expected around $0.5266, where buyers could emerge again and push the price higher. This zone remains important for bulls to protect against further declines that could dampen ADA’s near-term prospects.
A successful rebound from the current support could prove that Cardano is poised for an upward move. An upswing on the back of increased trading volume and positive market sentiment could see ADA retest its recent highs and establish a new high.
About the author
Armand Sirignan
