There is compelling evidence to suggest Ethereum is on the cusp of a new bull market. Through my analysis of the ETHUSD price chart, the breakout of an ascending triangle pattern, coupled with the impact of BlackRock ETF news, forms a solid foundation for the bullish trend. The analysis points to a target range of $2900-3000, substantiated by the 1.61% Fibonacci level.
Examining the weekly timeframe using the Ichimoku cloud, a significant edge-to-edge trade has been activated, aligning with the aforementioned target range.
Meanwhile, the ETHBTC chart reveals a bounce off the support at 0.05, propelling towards the upper resistance of a multi-year wedge formation.
To manage risk, a strategically placed stop-loss at $1900 is recommended.
