Ethereum to $10K? Classic bullish reversal pattern hints at potential ETH price rally

cointelegraph.com:

Ethereum's native token Ether (ETH) could reach above $10,000 in the coming weeks as it paints what appears to be an "ascending triangle" technical pattern.

Ascending triangles are bullish continuation setups that appear during an uptrend. Analysts confirm their presence after the price rises upward inside a rising right-angle triangle structure, thus forming a sequence of lower highs on the lower trendline with resistance in place at the upper one. As the pattern develops, volumes typically drop.

So far, Ether has been forming a similar upside pattern on its weekly chart. In detail, the triangle's lower trendline has been acting as an accumulation range since the beginning of 2021, with high selling pressure at the upper trendline, as shown below.

A basic tenet of ascending triangle patterns is that they can precede a significant price rally—by as much as the maximum distance between the upper and lower trendline—when measured from the breakout level.

Applying the same characteristic to Ether's ascending channel, the Ethereum token can undergo a decisive breakout toward $10,000. On higher timeframes, another technical pattern paints a bullish target of $4,000.

Wolf, an independent market analyst, also anticipated Ether to rebound in the coming sessions, followed by an extended recovery move owing to a potential inverse head-and-shoulders pattern. 

$2542 has been HIT and providing some support. Hopefully we have another HL. $ETH https://t.co/5J5zBRODlb

The bullish triangle setup emerges as Ether holds its profit after bottoming out near $2,150 in January 2022. In doing so, ETH/USD has rallied by more than 25% in less than four weeks.

But some analysts see the ongoing recovery rally in the Ethereum market as a bull trap, i.e.,