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

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
  

Komentar:

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

Trade aktif:

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.

Komentar:

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