This chart is a weekly candlestick chart for the ETH/USD perpetual futures contract on Bybit, sourced from TradingView. Here's a detailed description:
1. **Price Action**:
- The chart spans from late 2020 to late 2024.
- A strong uptrend occurred from late 2020 to 2021, followed by a significant correction and consolidation phase.
2. **Support Zone**:
- A green shaded area between approximately $1,700 and $2,500 represents a key horizontal support zone where price has shown repeated reversals or consolidation.
3. **Trendlines**:
- **Ascending Trendline**: A green trendline starting from mid-2022 marks an upward trend with higher lows.
- **Descending Trendline**: A white descending trendline connects lower highs, forming a contracting triangle pattern with the ascending trendline.
4. **Breakout**:
- Price recently broke out above the descending trendline, highlighted by a red circle, signaling potential bullish momentum.
5. **Current Price**:
- The current price is $3,622.45, with a 7.62% gain for the week, indicating strong buying pressure following the breakout.
6. **Potential Implications**:
- The breakout from the triangle pattern could suggest further upside, potentially targeting previous resistance levels above $4,000.
- Sustained price action above the support zone and trendlines confirms bullish sentiment.
