Ethereum price action is pushing higher over the weekend, setting a new 2023 high. The move is also a significant sign that an uptrend is forming. Could $3,000 be the next stop for Ether?
Ethereum Sets New 2023 High, Uptrend In Progress
ETHUSD has struggled to catch up to Bitcoin’s unstoppable dominance throughout most of 2023, but that could soon change.
That’s because Ethereum is finally joining in on the bullish price action across crypto, making a new 2023 high.
The move is also a local higher high. A series of higher lows and higher highs is the pure definition of an uptrend. Ether has also satisfied the increasingly higher low market structure.
Ether makes new 2023 high, breaks up out of ascending triangle | ETHUSD on TradingView.com
ETHUSD Ascending Triangle Targets $3,000 To $4,000
Leaving $2,000 behind after weeks of consolidation above it immediately puts $3,000 in play. Ethereum is also breaking upward out of a 18-month-long ascending triangle pattern, with a target of $4,000 per ETH.
If the top altcoin makes it back to such levels, it has a strong chance given the recent momentum in the crypto market, to reach new all-time highs.
Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from Shutterstock, Charts from TradingView.com
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