Will Ethereum (ETH) make the expected attack and exceed 3 Thousand Dollars? Analyst answered!

For a long time, the largest altcoin Ethereum (ETH), which has shown weak performance against Bitcoin (BTC), made a significant surge in recent weeks, rising from the $1,800 level to around $2,700.

After ETH enters a consolidation phase, the market expects the price to surpass 3,000 dollars in the short term.

While it is wondered whether Ethereum will make a significant move again, market analyst Omkar Godbole assessed the possibility of ETH surpassing 3,000 dollars.

According to this, the analyst argued that Ethereum has formed a rising triangle pattern indicating a potential increase above 3 thousand dollars.

The analyst indicating that an ascending triangle pattern has formed on the ETH chart said it appears ready to surpass 3 thousand dollars.

An ascending triangle forms a pattern that repeatedly constrains upward-sloping movements with a resistance line.

The rising triangle formation is generally considered a bullish formation, and typically a rise as high as the flagpole is expected after the breakout of the horizontal resistance line.

At this point, the analyst noted that Ethereum has faced resistance at $2,735 several times in the last two weeks, stating that ETH has formed higher lows, which indicates an ascending triangle.

Analysts noted that higher lows indicate increasing buying pressure, suggesting that this pressure enhances ETH’s potential to rise above 3,000 dollars.

“The expected upward breakout in the rising triangle pattern will indicate that the ETH rally started from the lowest levels of $1,390 seen in April and will open the door for a move above $3,000.”

The analyst also noted that the 50-day simple moving average is very close to surpassing the 100-day SMA, and stated that this supports a bullish scenario.

The analyst finally warned that a downward break of the triangle formation in the Ethereum chart would invalidate the bullish scenario and could lead to stronger selling pressure.