Monero (XMR) and Ethereum (ETH) are showing intriguing price movements that suggest possible breakouts. Insights from traders and their accompanying charts provide a closer look at what could potentially trigger these price rallies. Prominent analysts Mikybull and Yunt have highlighted critical patterns and levels for ETH and XMR, respectively, indicating bullish setups ahead.
Ethereum (ETH) Approaching Symmetrical Triangle Breakout
Ethereum’s chart analysis reveals a macro symmetrical triangle pattern characterized by a descending upper resistance line and an ascending lower support line. This formation signals price compression over time, with ETH’s price nearing the apex of this triangle.
Currently, ETH is trading near $4,000, just below the upper resistance zone of $4,000–$4,500. A breakout above this range could set the stage for a strong upward move, potentially revisiting highs around $4,500 to $5,000.
Support levels between $2,000 and $2,500 have remained intact during previous corrections. According to Mikybull, this breakout could “initiate face-melting rallies across alts,” referring to the broader altcoin market. The tweet also speculates that December could mark the beginning of a new altcoin season.
The Relative Strength Index (RSI), currently neutral near 50, suggests room for upward momentum if the price breaks resistance. Traders are advised to watch for volume spikes, which often confirm breakout directions in such setups.
Image Source: X/MikybullCrypto Monero (XMR) Consolidating Within a Two-Year Range
The price of Monero has been trading within a horizontal consolidation range for over two years, bounded by $120–$130 as support and $180–$200 as resistance. This prolonged phase is often interpreted as accumulation, with the potential for a significant breakout once the range is breached.
XMR is currently trading near the upper resistance level, indicating the possibility of an upward breakout. Yunt’s tweet underscores his bullish sentiment, stating, “I’m long $XMR,” and anticipating that it’s “only a matter of time” before the breakout occurs. Historical context shows that Monero’s price previously peaked above $480 in May 2021, suggesting substantial upside potential if the current resistance is cleared.
Decreasing volume during this consolidation aligns with accumulation patterns, while a breakout above $200 could lead to targets of $300 or higher. Traders are monitoring volume increases and broader market sentiment to confirm directional movement.
Image Source: X/Yunt Broader Implications for the Crypto Market
Ethereum and Monero exhibit technical patterns that suggest compelling price action ahead. Ethereum’s potential breakout could catalyze broader market rallies, particularly within the altcoin space, while Monero’s prolonged consolidation hints at substantial bullish momentum. With December identified as a pivotal month for these cryptocurrencies, traders are keeping a close eye on price movements and key levels for confirmation.
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