【Ethereum Approaches $4,000, Ascending Triangle Suggests Bullish Breakout, New Target Will Reach 'This Point'】
Ethereum price is currently showing an ascending triangle pattern, indicating possible breakout signs. This pattern belongs to a bullish continuation structure, characterized by an ascending support line and a resistance line nearing $4,000. Analysts believe that if it can break through this resistance level, Ethereum may further rise to $8,000.
According to DoctorProfit's monthly chart, Ethereum's price has stabilized in the $3,000 to $4,000 range since rebounding at the beginning of the year, gradually forming a solid support base. Each pullback's low points align with the ascending support line, indicating strong upward momentum. Once the price breaks through the triangle's upper resistance, it will confirm the bullish trend.
Market sentiment remains optimistic, and traders see below $4,000 as a good opportunity for long-term positioning. If the $4,000 resistance is broken, it is expected to attract more buying and new funds into the market, driving prices further up.
However, if it fails to hold the ascending support line, there may be consolidation or pullback, with the $3,400 range being the main support level, providing a buffer for certain downside risks. Overall, Ethereum is in a consolidation phase before a key breakout, and future price trends are worth close attention.