It's been taking ages for Ethereum to make that healthy break; Ethereum keeps testing that all-time high and keeps getting rejected. The technical analysis looks increasingly bullish, and the market structure looks like what happened with Bitcoin two months ago when Bitcoin was getting ready to double.
If you're an ethereum investor, get ready for the run; if you are a considering investor, start gathering ETH because the price will soon go bonkers.
Ethereum is looking lovely right; it is forming an ascending triangle just below the all-time highs. The ascending triangle is a bullish breakout pattern, and if it does play out in our favor, it will smash Ethereum way beyond the previous all-time highs.
Ethereum has been on higher lows for the past two weeks, just as the strong bullish uptrend continues right now.
The exact break-out target from this formation is $1,920; we need a candle to fully close above the top green line with volume backing up that move that will reassure us that there will be a break-out happening. A candle wick is not enough.
Ethereum is looking very bullish, and it just got its highest monthly volume close ever; it's a full green break. It represents a massive shift in the technicals for ethereum because it shows a breakout from the previous highs.
This is also similar to when Bitcoin finally closed a new high monthly candle above its previous high monthly candle close; the price rallied afterward.
Ethereum right now is about six or seven weeks or so behind Bitcoin in terms of its mega pump coming.
Bitcoin is leading the charge; it first tested breaking its all-time highs, had a few tests that barely touched a new all-time high except by a few dollars, just like Ethereum. It first went down, then went sideways for around fifteen to sixteen days, just consolidating right there under the resistance of the previous all-time high level before blasting higher.
Within 24 days, the price of Bitcoin more than doubled in price, there was a strong close above the previous highs, the price soared.
The same thing is about to happen with Ethereum; we are about to have our significant correction, just like Bitcoin. We have now had three failed test break resistance in that zone around the all-time high.
If Ethereum follows a similar breakout pattern like that of Bitcoin, then it's coming break out led by this ascending triangle to lead to Ethereum potentially doubling in price.
