Ethereum Price Prediction: Eighteen-months ascending triangle pattern appraises $4,000 target for ETH

• Ethereum price has been consolidating along an ascending trendline for the past eighteen months, with the $2,035 level holding as resistance.
• The overall price action has formed an ascending triangle pattern, which forecasts a $4,736 price target for ETH.
• The bullish thesis will be invalidated once the altcoin breaks and closes below the ascending trendline at the $1,500 psychological level.

Ethereum (ETH) price is bullish on lower and higher timeframes alike, as token holders ride the wave of what already seems to be the making of a bull market. On the higher timeframe, however, the target objective for the largest altcoin by market capitalization looks overly ambitious, but not impossible as community members turn faces toward the exchange-traded fund (ETF) narrative and the much-anticipated Bitcoin (BTC) halving, together with their combined effect on asset prices.

Also Read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC rages on, $40,000 may not be hopium after all

Ethereum price 18-month ascending triangle forecasts $4,736 target

Ethereum (ETH) price consolidating above an ascending triangle, combined with the effect of the formation of multiple local tops around the$2,035 level has led to the formation of an ascending triangle pattern.

Such a technical formation is created when the asset’s price lead to the formation of a horizontal line connecting the swing highs, while a rising trendline trails it from below connecting the swing lows. Together, the trendlines form a triangle, with traders watching for breakouts from the horizontal trendline. The target objective for such a technical formation is determined by measuring the height of the triangle and superimposing it at the breakout point.   

For Ethereum price, the height of the triangle is around 134%, from $865 to $2,035 on the weekly timeframe. Superimposing this percentage difference on the weekly chart puts a target objective of $4,736.

The Relative Strength Index (RSI) spurs optimism, moving north to signify rising momentum while its position at 64 shows there is still more room to the north. Effectively, the Awesome Oscillators (AO) histogram bars are also flashing green to show the bulls maintain a strong presence in the ETH market.

ETH/USDT 1-week chart

On the flip side, profit-taking could nullify the projection by sending Ethereum price south, potentially losing the support offered by the ascending trendline at the $1,500 psychological level. This would invalid the bullish thesis.  

---