Thus, the trader pinpointed a significant development on the Ethereum price chart, emphasizing the completion of a small nine-day flag, reaffirming the earlier completion of a right-angled expanding triangle on Oct. 23.
This particular pattern, known as a right-angled expanding triangle, signifies a bullish reversal, characterized by a horizontal resistance line and a bearish downward trend forming the support.
The breakthrough moment came when ETH’s price shattered the top trend line, confirming the bullish reversal and propelling the digital currency’s price. Observers noted an upward surge, with Ethereum’s value surging from $1,723 to $1,800 and beyond, reflecting the strength of the bullish momentum.
is currently trading around the $1,837 mark and recently met resistance at around $1,850 per token.
All eyes are on the Ethereum price chart, and one thing is for sure: if technical analysis patterns work under current assumptions, and Brandt has proven that they do, then it is worth paying attention.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
