While Bitcoin (BTC) continues its volatile movements in recent days, the largest altcoin Ethereum (ETH) has a stronger stance.
According to Coindesk, ETH, which has exceeded $ 3,000 for the first time since April 2022 with the recent rise, may reach $ 5,200 according to recent reports.
According to analysis from Kraken OTC, ETH could reach $5,200 if it can break the ascending triangle formation.
Kraken used the Japanese technical analysis tool Ichimoku Cloud indicator in its OTC analysis.
Stating that the indicator currently offers a bullish outlook for Ethereum at this point, Kraken OTC analysis revealed that the critical level to watch is $ 2,141.
A close below $2,141 in ETH will invalidate the ascending triangle formation.
“The Ichimoku Cloud indicator offers a bullish outlook for ETH. According to the weekly Ichimoku Cloud indicator, ETH could reach $5,200 if it breaks the ascending triangle formation.
The critical level to watch is $2,141. Because ETH did not fall below $2,141, which is the key pivot on the weekly chart and the upper limit of the ascending triangle formation.
“A break below this level will invalidate the bullish formation.”
Ethereum continues to trade at $2,996 at the time of writing.
*This is not investment advice.
