- Pioneer altcoin Ethereum has been trading inside a contracting triangle.
- The asset has been in this pattern since late November.
- A breakout from here could mean huge upside momentum for the price of ETH.
With the arrival of the New Year looming over the current crypto market, expectations for bearish and bullish market reactions for the coming month ahead sees a number of different predictions. As altseason speculation grows all eyes turn to ETH. The pioneer altcoins Ethereum has been trading inside a contracting triangle since late November, pointing to possible bullish action soon.
Pioneer Altcoins Ethereum Has Been Trading Inside a Contracting Triangle
This latest bull cycle has been a challenging one for the crypto market, especially for altcoin holders. To highlight, the price of BTC went on to set a string of new ATH prices. Correction after correction, the price of BTC went on to set new ATH prices, while only a few altcoin prices followed its lead. Since then, analysts have been eagerly keeping a watch out for any bullish signs on multiple altocin price charts.
So far only FET, ONDO, SOL, BNB, SUI, and ETH went on to hit new ATH prices, and analysts believe a greater pump lies ahead, when other legacy altcoins will hit new ATH prices of their own. The most disappointing pump so far, according to many altcoin experts, was Ethereum’s price pump, as the asset only set one new ATH this cycle taking the record from $4,800 to $4,900.
Thus, many analysts believe that once the price of ETH reclaims these ATH prices and surpasses the $5,000 bull targets, the price of ETH will enter price discovery phase and go on its bull run to hit new higher ATH prices and finally trigger the long-awaited altseason. Presently, various analysts are keeping a close eye on the Ethereum price chart, hoping to find sure fire signs of a bullish price surge on the horizon.
ETH Building Up for Pump Since Late November?
So far, reputed analysts have highlighted several bullish signs on multiple price charts, all pointing to a parabolic price pump in the coming months ahead. At the moment, bullish analysts all believe that altseason’s peak phase will arrive in Q1 or Q2 of the coming New Year. If this is true, ETH could pump first and lead the altseason pump phase. As we can see from the post below, one analyst marks a bullish ETH price pump indicator.
According to this analyst, Ethereum (ETH) has been compressing inside a contracting triangle from late November. So far, the asset has had two clean rejections at the 200-day EMA, marking key resistance. As long as higher lows hold at the $2,900 price range, the recent uptrend stays intact. Moreover, a daily close above the triangle top ($3,200 – $3,250) and the 200-EMA would confirm reversal. The analyst sets the current target at $4,200, if ETH closes below the rising trend line that would invalidate the structure.
