Ethereum’s native token Ether (ETH) appears poised to continue its ongoing bounce move towards $4,000, according to a technical setup shared by independent market analyst Wolf.
Classic bullish reversal pattern in the making? The pseudonymous chart analyst discussed the role of at least three support levels in ETH’s price surge by almost 30% from its local low of $2,160. These price lows included a 21-month exponential moving average, the 0.786 Fibonacci level of a Fibonacci retracement chart plotted from a low of $1,716 to a high of $4,772, and the lower bound of an ascending triangle pattern.
Daily price chart of the pair with the three supports. Source: TradingViewWolf noted that the triple support scenario could push Ether price to $3,330. In doing so, the confluence would trigger a classic bullish reversal setup, called an inverse head and shoulders (IH&S) pattern.
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