Did ETH bust the bears? Ether breaks out of what was thought to be a bearish setup, but risks of a “double bust” remain.
ETH price breaks out but risks remain
ETH price reached near $3,350 on March 28 after rallying by over 30% in just two weeks, and by more than 50% when measured from its year-to-date low of around $2,160, established Jan. 24., called the"symmetrical triangle.""Busted patterns often result in strong moves," Tom Bulkowski, a veteran market analyst. This raises hopes that Ether can rally to the triangle pattern's target near $4,000 in the coming days.However, the market analyst also notes that symmetrical triangles have a tendency to"double-bust," wherein the final breakout direction comes out to be the same as the original one.scenario means Ether's uptrend could exhaust soon, leading to a reversal toward the symmetrical triangle's top.
Interestingly, the $1,800-level was instrumental in capping Ethereum's downside attempts during the selloff witnessed in May-July 2021. Conversely, the double-bust setup will be invalidated if the price decisively rises above the resistance range. PostXBT, an independent market analyst, further noted that flipping levels around $3,350 back to support could raise ETH's possibilities to hit $4,000.Decent pump but ETH still at weekly resistance. A little cautious and would like to see a bit more here.
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