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AliferCrypto

ETH Bullish Pennant | ETF approval confluence | Target: 2021 ATH

Long
Ethereum / TetherUS (BINANCE:ETHUSDT)  
AliferCrypto Updated   
BINANCE:ETHUSDT   Ethereum / TetherUS
Trend Lines Pennant Beyond Technical Analysis ETH Ethereum (Cryptocurrency) ETF SEC approval deadline ATH breakout
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trendline pennant beyondta eth ethereum etf sec approval deadline ath breakout
Not Financial Advice

TL;DR Bullish Pennant on ETHUSDT daily chart, upwards breakout target would be very close to 2021 ATH. SEC approval of VanEck ETF (final deadline on May 23) could be a major catalyst.

A rare case of (potential) technical and fundamental confluence:

  • ETH has been building a Bullish Pennant since the end of the Feb 5 - Mar 12 rally
  • The retest of the multi-month support in place since October 2023 might signal that the bottom is in
  • The final deadline for SEC's approval of VanEck's ETH ETF lines up almost perfectly with the convergence between the pennant's resistance and the multi-month support
  • Interestingly enough, the target for an upwards breakout of the pennant around VanEck's approval deadline would be very close to the 2021 ATH
Comment:
ETH is retesting the resistance trendline.
A breakout now would place the target exactly at ATH.
snapshot
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