ETH Bullish Pennant | ETF approval confluence | Target: 2021 ATHNot Financial Advice
TL;DR Bullish Pennant on BINANCE: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
