Ethereum is back in the green after slicing through a crucial resistance barrier. Now, the technicals and fundamentals suggest that ETH has resumed its uptrend.
Ethereum is back above $3,500, but the price point wasn’t easy to reach.
Indeed, the second-largest cryptocurrency by market cap endured a lengthy consolidation period that began on Aug. 6. As Ethereum’s price made a series of higher lows, the $3,350 resistance level rejected it from advancing further. Consequently, this formed an ascending triangle on ETH’s 4-hour chart.
A recent spike in the buying pressure behind Ethereum has allowed it to slice through the overhead resistance, confirming a bullish breakout from the consolidation pattern. Now that ETH has made a new higher high, the triangle formation suggests prices could surge by another 12% to hit a target of nearly $4,000.