Ethereum has shown signs of recovery after holding key support at around $1,520 in mid-October. Though still stuck in a consolidation zone between $1,500 and $1,700 since August, Ethereum’s price has climbed back above $1,600 today. Now, Ali reveals to his 31k followers on X how Ethereum could be poised for a larger rebound if bulls can build on this momentum.
What you'll learn 👉
Ascending Triangle Spotted
In spite of the sideways churn, Ali points to an ascending triangle pattern that has formed on Ethereum’s 3-day chart. This technical setup consists of horizontal resistance along with rising higher lows – a potentially bullish signal if upside breakout occurs.
Specifically, Ali cites the 18-week simple moving average, currently around $1,650, as the key resistance line to watch. In his words, “A firm close above the 18SMA could propel $ETH to $1,800 – $1,900.”
Upside Targets if Breakout Confirmed
If Ethereum can close decisively above the 18SMA near $1,650, Ali expects substantial upside follow through toward the $1,800-$1,900 area. This would represent a 15%+ gain from current levels around $1,620.
In summary, Ethereum flipping a key moving average on the 3-day chart could confirm the ascending triangle and ignite a rally back toward the top of the recent trading range. Ali outlines the technical alignment that has Ethereum poised for more upside if bulls can fuel a breakout.
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