Ethereum Weekly Chart Analysis: Bullish Continuation Pattern. 
2024-12-09

Ethereum (ETH) is showcasing a strong bullish continuation pattern on the weekly chart, marked by a breakout from a multi-year symmetrical triangle. This pattern typically indicates the onset of a robust upward trend, supported by critical technical levels.

1.⁠ ⁠Symmetrical Triangle Breakout: ETH has decisively broken out of a multi-year symmetrical triangle, signaling the potential for a strong upward movement.

2.⁠ ⁠Price Consolidation Above Breakout Level: The current price action consolidates above the breakout level, setting the stage for the next leg higher.

3.⁠ ⁠Strong Support Levels:

Immediate Support: $3,400–$3,800 (breakout zone).

Critical Support: $2,700–$2,900, coinciding with the 200-week moving average (MA), a reliable long-term base.

4.⁠ ⁠Volume Confirmation: Sustained volume during the breakout phase will be crucial to validate the continuation of this bullish trend.

Bullish Targets:

First Target: $5,150–$6,400 (medium-term).

Long-term Target: $10,000.

A rally above $4,000 would likely accelerate momentum toward the $6,400 level in the medium term, while $10,000 remains a realistic long-term goal if macro conditions align.

Failing to hold the $3,400 support level could lead to a pullback, with price retesting the $2,700–$2,900 support range.

Conclusion:

ETH’s breakout from the multi-year triangle pattern, with strong support from the 200-week MA and consolidating price action, points to significant upside potential. Traders should monitor volume closely and adjust strategies accordingly.


Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Please conduct your research and consult with a financial advisor when necessary.

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@Peter_CSAdmin