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Ethereum Navigates Correction Phase Amid Symmetrical Triangle Pattern, Setting Stage for Potential Breakout

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Ethereum has recently seen a reduction in its bullish momentum after its breakthrough past the significant resistance level of $3582.0. Presently, the market is in a phase of correction, marking a temporary retreat following a robust and sustained bullish trend. This correction phase follows a notable surge beyond the $3582.0 level, which had long posed as a formidable resistance point.


It’s noteworthy that the previous resistance boundary of the parallel channel, instrumental in facilitating the recent price surge, is expected to act as a support level for potential price recovery. A symmetrical triangle chart pattern has revealed the current redistribution ongoing in the market.

Key Levels for ETH:

  • Demand Levels: $2170.0, $1933.0, $1552.0
  • Supply Levels: $3582.0, $4075.0, $4842.0


Analyzing Indicators:

The hue of the Smoothed Heikin Ashi Candles has shifted to red, indicating a decline in price momentum. Additionally, the Average Directional Index (ADX) has experienced a significant decline, signalling the weakening of the prevailing trend. A bullish breakout is deemed crucial to realign Ethereum with the broader bullish sentiment prevailing in the cryptocurrency market. Speculators maintain their sights on Ethereum’s all-time high of $4868.0 as a potential target amidst the ongoing market dynamics, underscoring the anticipation surrounding Ethereum’s potential breakout from its current symmetrical triangle pattern.

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