Reputable analyst Josh Olszewicz has provided some intriguing views on the price development of Ethereum. Olszewicz’s analysis shows that Ethereum might be preparing for a sizable surge in the upcoming months by drawing analogies from historical patterns.
Not sure at all where you are getting your stats from because there is not a single reputable sports analyst that has the panthers Defense ranked even in the top 10 right now lol. Josh is not producing at the level we’ve been led to believe he can. That’s does not bode well
— Hi Chiefer (@Mishicki) December 19, 2021
Historical Pattern: Ethereum Forms Ascending Triangle
Olszewicz begins by noting the price trend of Ethereum, mockingly writing, “Ethereum: ascending triangle 450 million years in the making with fib extensions to $3k.” Since May 2022, an ascending triangle with a flat top and rising bottom has been emerging, and if history is any indication, it may be a positive sign for Ethereum.
Another characteristic of this pattern, descending volume, reinforces the pattern’s bullish inclination. Olszewicz issues a warning, stating that “bias remains bullish until price breaks below diagonal support.” The psychological barrier at $2,000 is also mentioned by him, and he describes it as an “extremely obvious signal that it’s go time, which should help the breakout.”
Crypto News: Bitcoin Spot To Derivatives Flow Forms Historical Bullish Pattern ; https://t.co/9tKoCx3p4f —– #BTC #Bitcoin #ETH #Cryptocurrency #cryptoupdate #Crash #Bullish #Bearish #Ethereum #Binance #BNB
— Raishiz Crypto Signals (@Raishiz1) June 12, 2022
These tendencies are nothing new to Ethereum. ETH had prior examples in 2017 (bullish continuance) and 2019 (bullish reversal), according to Olszewicz. 180 days passed between each ascending triangle pattern. Both times, ETH soared in the direction of the Fibonacci extension level of 2.618.
He predicts that Bitcoin might rise to $42,000 if certain positive circumstances continue. According to him, “as long as we can maintain prices above the midline of the PF and stay in the cloud, we have a decent shot at reaching $42k before halving.”
Kiyosaki predicts that the upcoming BRICS summit might lead to a crash of the US dollar 🇺🇲He also thinks that Bitcoin will rise to $120,000 per BTC by 2024, serving as a protective measure during times of economic uncertainty.🔥‼️
Stay tuned for more updates.Happy Investing😊
— Martinray (@cryptomartinray) August 4, 2023
Olszewicz concludes his study by imagining a perfect trade in which Bitcoin breaks bullish first, perhaps as a result of technical analysis or the approval of a spot ETF. In this case, Ethereum surpasses $2,000 while trailing Bitcoin, which causes ETH/BTC to “get crushed, allowing for an eventual profit-taking rotation from Bitcoin to Ethereum.” But before he leaves, he adds a warning: “Without inflows, we ain’t moving.”