This specific pattern, recognized as a right-angled expanding triangle, signifies a bullish reversal characterized by a horizontal resistance line and a bearish downward trend forming the support.
The pivotal moment occurred when Ethereum’s price broke through the upper trend line, confirming the bullish reversal and propelling the digital currency’s value. Observers witnessed an upward surge, with Ethereum’s price rising from $1,723 to $1,800 and beyond, indicating the strength of the bullish momentum.
What’s next? Brandt further analyzed the price movement, highlighting the emergence of another pattern, referred to as a flag, after surpassing the $1,800 threshold. While Brandt did not specify whether the flag pattern was bullish or bearish, a closer look at the price chart reveals higher lows and higher highs. Comparing this to bearish flag patterns, the outlook appears more bullish.
At present, Ethereum is trading around the $1,837 mark and recently encountered resistance near $1,850 per token.
All eyes are fixed on the Ethereum price chart, and one thing remains clear: if technical analysis patterns continue to hold true under the current assumptions, as demonstrated by Brandt, they warrant close attention.