"Triangular convergence is nearing its end"...Ethereum (ETH) 'aims' for $3,000 this week

▲ Ethereum (ETH)

As Ethereum (ETH) forms a triangular convergence on the 12-hour chart, the possibility of a breakthrough towards $3,000 this week has been raised.

According to Coingape on September 13 (local time), crypto analyst Ali Charts analyzed that Ethereum is forming a new triangular pattern on the 12-hour chart. He cited past instances where Ethereum surged 31% in three days after breaking out of a similar triangle. He argues that if a strong breakout occurs this time, there is a possibility of a rise to $3,000. However, Coingape drew a line, stating that $3,000 is not a definitive forecast but a technical scenario.

The key gateway for the bullish scenario is $2,550. Analysis suggests that if the weekly candle closes above $2,550, the outlook for $3,000 could gain momentum. Conversely, if it falls below $2,490, $2,400 has been mentioned as the next support level. Whether it decisively surpasses $2,550 is thus the key criterion for determining the short-term direction.

Institutional funds have also flowed into Ethereum. On September 11, Ethereum spot ETFs saw a net inflow of $216.41 million. BlackRock's ETHA attracted the most funds with $148.82 million. Bitwise's ETHW received $29.09 million. The cumulative net inflow for all Ethereum spot ETFs was tallied at $13.39 billion, with net assets at $16.31 billion.

Technical indicators are not yet sending unilateral bullish signals. The Moving Average Convergence Divergence (MACD) was 6.47, below the signal line of 9.24. The histogram also recorded minus 2.76, indicating a weakening of recent upward momentum. The Relative Strength Index (RSI) was 51.77, slightly above the neutral line of 50. While expectations for ETF fund inflows and a triangular convergence breakout have grown, it is assessed that technical resistance confirmation remains.

This week, macro and policy variables are also simultaneously pending. The Federal Reserve (Fed) will hold a meeting on September 15-16, and a procedural vote on the U.S. cryptocurrency market structure bill is scheduled in the U.S. Senate on September 15. The key conditions for Ethereum's $3,000 scenario were presented as breaking past $2,550 and the continued inflow of ETF funds.

[Article Key Summary]

-Ethereum has formed a triangular convergence on the 12-hour chart, raising a $3,000 upward scenario.

-Ethereum spot ETFs saw a net inflow of $216.41 million on September 11 alone.

-Breaking past $2,550 on the weekly chart is key to the bullish scenario, and if it falls below $2,490, $2,400 is presented as the next support level.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*