Ethereum (ETH) Forms Bullish Ascending Triangle Pattern, Could Rally 12% to Hit $3.1K if This Happens

Ethereum (ETH) has formed a bullish ascending triangle pattern at the crucial support level. ETH could soar to the $3,100 level if it gives a breakout ascending triangle pattern in a 4-hour time frame. Despite the recent market crash, 66% of Ethereum holders are profitable.

World’s second-biggest cryptocurrency, Ethereum (ETH), has formed a bullish ascending triangle pattern at the crucial support level, which could lead to a potential price surge.

According to experts, if ETH gives a breakout of this bullish ascending triangle pattern in a 4-hour time frame and closes a candle above the $2,751 level, it could soar 12% to reach the $3,100 level in the coming days. This level is also near the 200 EMA, which could act as a strong resistance for ETH.

However, considering the current bearish market sentiment, it might be challenging for ETH to break through this resistance level.

Despite the recent market crash, 66% of Ethereum holders are still profitable. On-chain analytic firm IntoTheBlock recently highlighted this statistic in a post on X (previously Twitter), which has garnered significant attention within the crypto community.

notably, the last time such profitability was observed was in October 2023, when ETH was trading at around the $1,800 level.

At press time, ETH is trading around the $2,630 level, which it has held穩步 for the last 24 hours. During this period, it also touched the $2,700 level. This stability, combined with the bullish price action pattern, has led to a 95% increase in trading volume.