Ethereum Eyes $21,000 Target With Double Pattern In Play – Analyst

Prominent market analyst with X username PlanD has shared an intriguing bullish projection of the Ethereum (ETH) ￰0￱ recent losses, which saw the ETH decline by 10.66% over the week, PlanD backs the altcoin market leader to reach a potential $21,000 price target by end of ￰1￱ Ready For Surge As Triangle, Head & Shoulder Pattern Combines In an X post on September 27, PlanD provides a long-term price analysis of the Ethereum market, highlighting strong bullish ￰2￱ the last quarter, ETH has shown a strong price performance, breaking out of a four-year-long symmetrical triangle to establish a new all-time high at $4,953. For context, the symmetrical triangle is a neutral chart pattern that forms when the price consolidates between two converging ￰3￱ price breaks above the upper descending trendline, i.

e., resistance as seen in the Ethereum market, it is usually interpreted as a bullish ￰4￱ line with the classic technical structure, PlanD further explains that the recent price decline over the past two weeks aligns with an expected retest of “this resistance” around $3,900. Having successfully bounced off this price zone, which now functions as a price floor, the analyst states that Ethereum has now resumed its uptrend, with the first major target being $5,900, which emerged from an inverse head and shoulders pattern (H&S) The inverse head and shoulders is a bullish reversal chart pattern often seen after a ￰5￱ signals that the market may be shifting from bearish to bullish ￰6￱ is clearly seen in the ETH price behavior so far in ￰7￱ explains that if Ethereum successfully achieves the $5,900 inverse H&S target, the altcoin is expected to initiate a rally towards the symmetrical triangle formation’s major target of $21,000 by the end of ￰8￱ Market Overview At the time of writing, Ethereum is trading at $4,001 with almost no price change in the last day.

However, market trading volume has dropped 58.67%, indicating weaker participation and declining short-term ￰9￱ to blockchain analytics company Sentora , total network fees fell 3.9% week-on-week, suggesting reduced on-chain activity and lower demand for block space. Meanwhile, exchange netflows recorded –$3.08 billion week-on-week, meaning more Ethereum was withdrawn from exchanges than deposited, a generally bullish signal as it points to accumulation rather than selling ￰10￱ image from Pexels, chart from Tradingview