Ethereum (ETH) could reach $ 750 in the last quarter of the year as it is above a significant technical support level.
On Monday, ETH / USD attempted to cross the short-term uptrend line for the tenth time since November 26. The bulls stood close to the supportive base, increasing the pair’s potential for a recovery in the later hours.
It seems that Ethereum’s recovery at the support trendline has exhausted near a resistance level of $ 621. Both trend lines together give the impression of a rising triangle pattern, a technical pattern that traders think is bullish. Rising triangle patterns often emerge amid an ongoing trend. This pattern acts as a break interval. In other words, an area where the asset consolidated for a while before continuing its previous trend. Traders develop their setup accordingly.
Will Ethereum (ETH) be $ 750?
Josh Rager, co-founder of Blockroots.com, a cryptocurrency trading education platform, stated that the consolidation of ETH / USD within the rising triangle formation increases the likelihood of a higher peak. He stated that the next leg upwards will be at least over $ 700.
P.S: This is not investment advice.