As Ethereum price broke out of the triangle in a bearish manner , the highest priority is that Ethereum price breaks the new resistance or the lower edge of the triangle at 1,930. If the price recaptures this resistance as support, we expect the price to rally higher. However, if the price bounces off the resistance, the triangle breakout would be confirmed. Should this happen, we could actually drop to $1,400. However, this scenario is rather unlikely.
Ethereum price has formed a possible double bottom formation by falling back to the $1,700 support. This double bottom formation could result in the price breaking the resistance around $1,900. If this happens, the Ethereum price could break out of the formation. A breakout will occur once the price scales above $2,161. The target, in case of a breakout, is around $2,700. Because of this, it could be that the Ethereum price will increase by about 40% in the near future. However, one should watch the price and evaluate whether or not it breaks the $1,900 resistance.
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