AliferCrypto

ETH Bullish Pennant | ETF approval confluence | Target: 2021 ATH

Panjang
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BINANCE:ETHUSDT   Ethereum / TetherUS
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:

  • 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
Komen:
ETH is retesting the resistance trendline.
A breakout now would place the target exactly at ATH.
Dagangan aktif:
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.
Komen:
ETH has been forming a secondary pennant / symmetrical triangle.

A daily close above the resistance trendline would offer another long entry opportunity, with the following targets:
Symmetrical Triangle: $4200
Secondary Pennant: $4970

⚠️ Watch the local high at $4093 as we still need to clear it

🎯 The target for the main pennant is still the previous ATH at $4848


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