We will see ETH soon at 3k

We will see ETH at 3k soon

ETH / USD pair climbed to an intraday high of $ 2,390, reaching its highest level since July 8. The last local minimum for ETH was $ 1,720, which is currently an increase of almost 40%. This situation is very similar to the situation between June 22 and July 7, when ETH also reflected up to 40%.

ETH was thus able to bounce twice from the region of $ 1,700, with an immediate increase. According to analyst Jonny Moe, this is a clear indicator of a well-known pattern.

The bull’s mood intensifies

If we look at the details of the ETH pattern, we can see that we have clearly created successive local lows at the level of $ 1,700. The resistance is located at the level $ 2,390, a significant increase of approximately $ 690 is expected. As a result, ETH will reach the psychological level of $ 3,000. If this zone is tested as support, nothing will stop us on the way to a new ATH.

Another bull pattern

Another prerequisite for the increase in ETH is also foreshadowed by a well-known pattern, which is probably not necessary to present to traders. This is the so-called Falling wedge pattern, which is currently in its final finish.

If the upper line of the pattern to be tested is broken, then the ETH is most likely to bounce back to the level 3 250 USD.

Disclaimer: This article is for information purposes only and should not be construed as investment advice.