Ethereum is exhibiting signs of stabilization in its price action, with a multi-year bull pennant pattern emerging on the chart. While some treasury-linked companies show early bottoming signals, further confirmation is required for a sustained rally. 📈
Ethereum has been navigating a complex technical landscape characterized by a multi-year bull pennant structure. This long-term formation, revealed in two-month charts shared by trader Tardigrade, has maintained its integrity despite recent price fluctuations. The upper trendline of the pennant is acting as support during price retracements.
Furthermore, several treasury-linked companies have been showing signs of bottoming. These include BitMine’s announcement of a dividend, which attracted investor attention and sparked interest in their charts. However, these early signs need to be accompanied by sustained higher highs on related company charts for a broader market shift towards bullish momentum.
Ethereum currently trades around $3,028 after a decline from the $4,124 high earlier in November. The asset saw a controlled descent toward the $2,750 area before rebounding strongly, indicating an emerging buyer’s presence.
While the price has shown some resilience and is approaching the resistance zone of $3,250-$3,400, it requires overcoming these hurdles to solidify a sustained upward trend.
Overall, the market suggests that Ethereum is navigating a period of stabilization before potentially transitioning into a stronger bullish phase.