Not Financial Advice
TL;DR Bullish Pennant on ETHUSDT daily chart, upwards breakout target would be very close to 2021 ATH. SEC approval of VanEck ETF (final deadline on May 23) could be a major catalyst.
A rare case of (potential) technical and fundamental confluence:
TL;DR Bullish Pennant on ETHUSDT daily chart, upwards breakout target would be very close to 2021 ATH. SEC approval of VanEck ETF (final deadline on May 23) could be a major catalyst.
A rare case of (potential) technical and fundamental confluence:
- ETH has been building a Bullish Pennant since the end of the Feb 5 - Mar 12 rally
- The retest of the multi-month support in place since October 2023 might signal that the bottom is in
- The final deadline for SEC's approval of VanEck's ETH ETF lines up almost perfectly with the convergence between the pennant's resistance and the multi-month support
- Interestingly enough, the target for an upwards breakout of the pennant around VanEck's approval deadline would be very close to the 2021 ATH
Trade active:
Very nice breakout, confirming the TA.
The final approval deadline for VanEck's ETF is today, if it goes through it might propel us towards the target @ 2021 ATH.
The final approval deadline for VanEck's ETF is today, if it goes through it might propel us towards the target @ 2021 ATH.
A breakout now would place the target exactly at ATH.