<6/8 ⭐️ Candlestick Technical Analysis> @CryptoPainter_X believes that although ETH currently faces some historical selling pressure from the 2021 high price zone, the technical structure on the 4-hour timeframe is still slowly rising with higher highs and higher lows, without significant destruction. From the ASR channel perspective, ETH price is oscillating upward above the orange average pressure band, which is a strong pattern, indicating that market demand is gradually digesting the supply near historical highs. The daily ASR channel shows signs of breaking through the average pressure band. The last similar breakthrough occurred in early 2024, and if this breakthrough is successful, the daily target may directly reach the daily overbought line (around $5,600). Another possibility is a replay of the trend from late 2024, encountering extreme resistance at the upper edge of the orange channel. Overall, the current situation remains positive, and there is a possibility of ETH price challenging $6,000 in the medium term.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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