Long

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

Updated

Not Financial Advice

TL;DR Bullish Pennant on 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

Note

ETH is retesting the resistance trendline.
A breakout now would place the target exactly at ATH.

Trade active

Very nice breakout, confirming the TA.
The final approval deadline for VanEck's ETF is today, if it goes through it might propel us towards the target @ 2021 ATH.

Note

ETH has been forming a secondary pennant / symmetrical triangle.

A daily close above the resistance trendline would offer another long entry opportunity, with the following targets:
Symmetrical Triangle: $4200
Secondary Pennant: $4970

⚠️ Watch the local high at $4093 as we still need to clear it

🎯 The target for the main pennant is still the previous ATH at $4848

AliferCrypto

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