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  • Ethereum breaks out from an ascending triangle aiming for new all-time highs at $1,800.
  • ETH’s uptrend has been validated by the MACD and the daily close above $1,400.

Ethereum has recently become a digital asset to watch with its holders preferring to stay for the long term. On the other hand, Bitcoin is relatively stable, suggesting that recovery above $40,000 will be an uphill battle. After retesting support at $1,200, Ether has been consistent in its recovery despite meeting critical barriers at $1,400 and $1,450.

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Stormgain

The pessimistic outlook on Tuesday was ignored with Ethereum embarking on a barrier-breaking exercise. The formation of an ascending triangle pattern allowed the bulls to take control over the price, following a break past the x-axis.

Ethereum has risen above the old record high and is currently settled above $1,500. Ascending triangles are key technical patterns that identify consolidation periods that culminate in the continuation of the preceding trend.

The patterns stand out for giving traders exact price targets following a breakout. This target is measured from the highest to the lowest points of the triangle. In this case, ETH has a long way before hitting the 22% upswing to $1,800.

Meanwhile, Ether is doddering at $1,540 amid a building bullish momentum. The bullish narrative can be confirmed by the Moving Average Convergence Divergence (MACD).

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Roobet

The MACD line (blue) recently crossed above the signal line, encouraging traders to buy more of Ethereum. When carefully applied, the MACD can be a strategic trading strategy. However, it is best to incorporate other indicators as well.

ETH/USD 4-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

It is worth mentioning that Ethereum may fail to rally to $1,800 if the uptrend fails to break above the near term key level of $1,600. On the other hand, support must be established above $1,500 to allow buyers to take charge and focus on lifting Ethereum to higher levels. Otherwise, Ethereum may correct to confirm support at $1,400 or $1,300.

Ethereum intraday levels

Spot rate: $1,540

Relative change: 28

Percentage change: 1.8%

Trend: Bullish

Volatility: Growing

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Upland



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