Ether’s Daring Dance: Will It Leap Over $3K? 💰✨

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What to know:

  • Ether is doing a jig in an ascending triangle, hinting it might just hop over $3,000! 🎉
  • The 50-day SMA is about to play leapfrog over the 100-day SMA, signaling a bullish party! 🎈
  • Watch out! A breakout could send prices flying, as the Bollinger Bands are getting cozy! 😲

This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Oh, dear Ether! It seems you’re all set to break the $3,000 ceiling, strutting your stuff in an “ascending triangle” pattern on the price chart. How fancy! 💃

This delightful triangle is marked by a stubborn upper resistance that keeps saying, “Not today!” while the support line is climbing higher like a determined little snail. 🐌

Ether has been bumping its head against $2,735 like a toddler against a glass door, but those reaction lows are rising like bread in the oven! 🍞

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Now, if Ether breaks free from this triangle, it could signal a wild ride back to the glory days of April when it was lounging around $1,390, and who knows? It might just leap over $3,000 like a kangaroo on a trampoline! 🦘

The upcoming crossover of the 50-day simple moving average (SMA) over the 100-day SMA is like a green light for our bullish friends. Go, go, go! 🚦

But hold your horses! This move could be a real firecracker, as the gap between the Bollinger Bands has shrunk to a mere $250, which has been a reliable sign of a volatility explosion since November. Boom! 💥

For those who don’t know, Bollinger Bands are like the party hats of the trading world, placed two standard deviations above and below the cryptocurrency’s 20-day Simple Moving Average (SMA). 🎉

“Upward breakouts occur 77% of the time, and breakouts happen roughly 61% of the distance from the base to the cradle,” wrote the wise Chartered Market Technician Charles Kirkpatrick in his book on technical analysis. Sounds like a party planner’s dream! 🎊

But beware! If the triangle decides to collapse, it could rain on our bullish parade and invite a wave of selling pressure. Oh, the drama! 🎭

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2025-05-28 12:24