Pundit Says Ethereum Price Is Headed For $9,000 After This Broadening Wedge Retest
The post Pundit Says Ethereum Price Is Headed For $9,000 After This Broadening Wedge Retest appeared on BitcoinEthereumNews.com. Earlier last week, the Ethereum price was retracing severely, giving up a fraction of the gains garnered from the previous bull rally. Despite this brief show of weakness, a crypto pundit forecasts that the leading altcoin may be on the brink of an explosive rally toward a new all-time high of $9,000. This bullish projection is based on the completion of a Broadening Wedge formation and an ongoing retest of the pattern’s upper boundary, which may now act as support. Ethereum Price Chart Signals Major Breakout According to the new technical analysis released by crypto market expert Gert van Lagen on X social media, Ethereum could be gearing up for a major breakout move, with price action potentially targeting upper bullish levels around $9,000. This report is based on a key chart pattern, the Descending Broadening Wedge, which has historically proven to be a powerful bullish continuation setup. On the weekly timeframe, Ethereum has completed a breakout above the upper resistance of the long-standing Descending Broadening Wedge pattern. After its initial breakout attempt, Lagen notes that Ethereum is now retesting the former resistance trendline, which has flipped into potential support. This retest is considered critical, with the analyst highlighting it as ETH’s second attempt to break higher while sustaining its bullish momentum. The technical setup, as outlined by Lagen’s price chart, shows a projected upside of 79% from the breakout point, which could send Ethereum soaring toward the $9,000 level. Lagen highlights that statistically, such patterns resolve upward 67% of the time, reinforcing ETH’s bullish outlook. The price zone also aligns with a historical sell line—an area where traders may begin taking profits as the cryptocurrency approaches upper targets. Interestingly, Lagen notes that the Bitcoin price has previously formed a similar Descending Broadening Wedge structure. At the time, the analyst…
The post Pundit Says Ethereum Price Is Headed For $9,000 After This Broadening Wedge Retest appeared on BitcoinEthereumNews.com.
Earlier last week, the Ethereum price was retracing severely, giving up a fraction of the gains garnered from the previous bull rally. Despite this brief show of weakness, a crypto pundit forecasts that the leading altcoin may be on the brink of an explosive rally toward a new all-time high of $9,000. This bullish projection is based on the completion of a Broadening Wedge formation and an ongoing retest of the pattern’s upper boundary, which may now act as support. Ethereum Price Chart Signals Major Breakout According to the new technical analysis released by crypto market expert Gert van Lagen on X social media, Ethereum could be gearing up for a major breakout move, with price action potentially targeting upper bullish levels around $9,000. This report is based on a key chart pattern, the Descending Broadening Wedge, which has historically proven to be a powerful bullish continuation setup. On the weekly timeframe, Ethereum has completed a breakout above the upper resistance of the long-standing Descending Broadening Wedge pattern. After its initial breakout attempt, Lagen notes that Ethereum is now retesting the former resistance trendline, which has flipped into potential support. This retest is considered critical, with the analyst highlighting it as ETH’s second attempt to break higher while sustaining its bullish momentum. The technical setup, as outlined by Lagen’s price chart, shows a projected upside of 79% from the breakout point, which could send Ethereum soaring toward the $9,000 level. Lagen highlights that statistically, such patterns resolve upward 67% of the time, reinforcing ETH’s bullish outlook. The price zone also aligns with a historical sell line—an area where traders may begin taking profits as the cryptocurrency approaches upper targets. Interestingly, Lagen notes that the Bitcoin price has previously formed a similar Descending Broadening Wedge structure. At the time, the analyst…
What's Your Reaction?
