Ethereum (ETH) has encountered difficulties breaking past this year’s high of approximately $2,150, prompting concerns about a potential double-top pattern that could lead to a price reversal. The latest market data reveals that Ethereum is trading around $1,985 during the early Asian and London markets on Wednesday, marking a 3.6 percent decrease over the past 24 hours. Nevertheless, Ethereum’s trading volume has seen a significant uptick, as it remains the favored platform for numerous altcoins gradually breaking out of their prolonged consolidations.
Ethereum’s Price Action:
Prominent crypto analyst Ali Charts, operating on the X platform, has identified a challenging resistance zone between $2,000 and $2,150 for Ethereum, posing a threat to the short-term bullish sentiment. Ali Charts has illustrated an intriguing pattern on Ethereum’s 3-day chart – a symmetrical ascending triangle. Consequently, the analyst suggests that traders should be prepared for a potential pullback in the coming days.
Despite these challenges, Ali Charts highlights a possible path to invalidate the bearish outlook. This entails Ethereum’s price closing above the $2,150 mark with sustained 3-day candlestick support.
The Ethereum market has seen a surge in bullish sentiment, driven in part by recent developments such as BlackRock, a $9 trillion fund manager, filing for spot exchange-traded funds (ETF) in the United States. However, it’s worth noting that some Ethereum whales have opted to take profits, even in the face of substantial unrealized losses.
