strong buy
Ethereum Poised for Major Breakout After Long-Term Consolidation: Potential Surge to $40K
Analysis from the renowned market analyst Merlijn the Trader, who has issued a monthly chart of Ethereum, warns of an imminent significant price surge. According to this analysis, after months of trading within a narrow range, Ethereum is now on the verge of breaking out of an contraction triangle, indicating the potential start of a strong bullish trend. The chart shows the price within a long-term upward channel maintained since 2016. The analyst notes that the Relative Strength Index (RSI) has bounced from a support zone for the third time, and the overall market structure remains intact, suggesting a possible pump. Specifically, a decisive break above the white resistance line could push the price initially towards $7,500, and subsequently up to the $40,000 mark.
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AI Analysis
The analysis hinges on a technical pattern observed in Ethereum's monthly chart. The consolidation within a contracting triangle indicates a period of accumulation, often preceding a significant break...
AI Recommendation
Investors should monitor the key resistance breakout level closely. A confirmed move above this point with increased volume might signal a new bullish phase, presenting buying opportunities, especiall...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.