- ETH’s recent performance has been poor, but breakout patterns suggest potential growth.
- ETH could reach $3K in the coming months if trends are confirmed.
- ETH’s value fell by 2.40% recently, with a weekly decline of 2.83%.
The recent performance of Ethereum
Investors and traders should pay attention to the two breakout patterns that have emerged on the weekly chart of ETH. A closer look at the chart shows that a symmetrical triangle chart pattern has developed on ETH’s weekly chart in recent months. This indicates that the altcoin price could rally from the end of this year to the first quarter of 2024.
Should the breakout occur on the upside, the price of ETH may strive to convert the resistance level of $2,160 into a support level in the ensuing weeks. Following this, a weekly closure above this threshold could pave the way for ETH to escalate to $3,000 within the next few weeks.
On the other hand, a downward breakout might cause ETH to revisit the support level of $1,380. Persistent selling pressure could drive the price of the top alternative cryptocurrency down to around $980.
The probability of a bullish breakout is higher, particularly due to the emergence of the second breakout pattern developed on ETH’s weekly chart in the previous month. In this period, the cryptocurrency price exhibited lower lows and lower highs, leading to a falling wedge chart pattern.
Should this trend be confirmed, ETH could surpass the long-term symmetrical triangle pattern. Following this, the price of ETH could start its journey towards the previously mentioned $3K level in the subsequent weeks.
In the recent trading day, ETH, like numerous other altcoins, witnessed a decrease in its price. Data from CoinMarketCap reveals that ETH’s value fell by 2.40% during this timeframe. As a result, ETH’s price at the time of reporting was $1,575.07, positioning it between its 24-hour high of $1,612.14 and its daily low of $1,533.43.
Furthermore, the decrease in ETH’s value resulted in a 2.22% depreciation against its rival, Bitcoin
Upon examining the extended-term performance of the token, it was evident that ETH needed further improvement to return to profitability. In the last week, the price of ETH has declined by 2.83%. Furthermore, the altcoin experienced a loss exceeding 14% in the previous month.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
