To the analyst, "it’s clear” that the $3,650-$3,760 area is "a major region of resistance, developing just below the $4,000, with price forming that resistance at a Lower High which could act as a Neckline to the pattern.” He stated that "its terminus point is at the psychological level of $3,000,” adding that "any pullback close to the $3,000 level could see Ethereum develop a right shoulder.” Similarly, As Ethereum dropped to the low of the key $3,200 range, Miky Bull highlighted the same pattern, hinting that the $7,000 target "is looming.” According to the chart, ETH’s price could see an 87.53% increase near the $7,400-$7,500 price range, based on the bullish setup.
Related Reading: Bitcoin Eyes Potential Rebound To $98,600, But Analyst Suggests Caution Ethereum Forming Bullish Pattern Ethereum shredded its New Year gains today after falling below the $3,320 mark.
The analyst argued it would create "an excellent buy-the-dip opportunity to target $7,000 next! ” However, it’s worth noting that the bullish pattern would be invalidated if Ethereum falls below $2,800, where the left shoulder formed.
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