Crypto Analyst Explains What Could Trigger Ethereum Rally To $6,000

Quick Summary:

Now, here is the chart shared by the analyst that shows the Ascending Channel that Ethereum has possibly been trading inside during the last couple of years: As is visible in the above graph, the Ethereum price retested the upper level of this channel during the rally in the first quarter of last year.

In the chart, Martinez has highlighted how ETH’s upcoming price trend could look if a similar trajectory follows now as well.“If Ethereum $ETH is following an ascending parallel channel, a dip to the lower boundary at $2,800 could act as a launchpad for a move toward $6,000,” notes the analyst.

Related Reading: Bitcoin Not Reached Extreme Euphoria’ Phase Yet, Glassnode Reveals Interestingly, a similar pattern was also witnessed in 2023, where a rejection halfway through the channel led Ethereum to a retest of the bottom line, which kickstarted the bull run.

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Article Details

Author / Journalist: Keshav Verma

Category: Crypto

Markets: United KingdomIndiaJapan

Topics: ETH Ethereum Ethereum Ascending Channel Ethereum Ethereum rally ETHUSDT Ethereum Bullish

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-11 @ 03:30:13 (14 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 464 words

Reading Time: 3 minutes read

Sentences: 64 lines

Sentence Length: 8 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 25056399

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