Ethereum Mirrors Solana’s Moves in 2023: Is It Possible to Gain 222% with ETH
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- Ethereum is currently forming a similar triangle pattern as Solana did previously, situated just below its resistance level.
- The recent liquidity grab on ETH may serve as a catalyst for an upcoming rally.
An analysis of Ethereum [ETH] and Solana [SOL] charts reveals a remarkable resemblance between the latest price movements of ETH and those of SOL in early 2023.
This similarity is particularly evident in Solana’s formation of an ascending triangle earlier this year, which consolidated beneath resistance prior to a notable breakout, leading to an impressive rally of over 222%.
Currently, Ethereum is following closely in these footsteps – establishing an ascending triangle just below its own resistance zone while displaying comparable consolidation behavior.
If the current trend continues, Ethereum could be nearing a significant bullish breakout similar to that experienced by Solana.
Source: Trading View
An ascending triangle is typically regarded as a continuation pattern during bullish trends and suggests that once it breaks out, ETH’s price could move higher. For ETH to achieve such gains like Solana’s past performance, the trading volume and momentum indicators need to be aligned favorably. p>
If Ethereum successfully breaches above its current resistance levels, it might incite a rally with upside targets akin to those seen previously with SOL’s market moves—a potential key moment for positioning ETH into upward trajectory market conditions. The RSI alongside other indicators like MACD hints at… p>
The RSI remained around neutral value highlights or slightly biased towards bullish sentiment. This indicates momentum may potentially gain strength moving forward. The MACD histogram revealed narrowing red bars—an implication that downward selling pressure appears lessening over time. p >
The MACD line also seems set for progression towards crossing above its signaling counterpart; often interpreted as optimistic signal for upcoming market trends.
Source: X
Consequences stemming from liquidity grabs concerning ETH pricing
}Looking through the liquidity heatmap associated with ETH reflects recurring patterns observable—yet another day characterized by deliberate liquiity grabs marked evident egresses
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Price dynamics trended downwards pulling up demand excessively catching wicks revealing intent shared among substantial players coordinating alongside smaller traders interacting preferentially.
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A recovery appears underway post-liquidity event experiencing modest regain especially since considerable pockets exist atop present pricing structure awaiting utilization.
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Look out trending updates regarding Etherum [ETH]’s foresight projection from 2024 -to 2025
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Supplemental high liquid zones drastically attracts markets aiming engagements likely further press prices upwards gradually pursuing encountered benchmarks suggesting robust upward potentials beyond initial forecasts potentially yielding -222% returns reveling differences diversify effectively towards achieving anticipated renewals ahead
Traders must gear expectations toward seeing regained stride bolstered incidence executing strategies enabling them efficiently scale pursuits nearer reclaimable pools thus signalling trek progressivity reflecting situational aptitudes possibly transitioning segments along overall increased fervience likely occur sooner or later//
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