Ethereum’s price action is rising this weekend, setting a new high in 2023. This move is also a key sign that an uptrend is forming. Could $3,000 be the next stop for Ether?
Ethereum sets new high for 2023, uptrend in progress
ETHUSD has struggled to overtake Bitcoin’s unstoppable dominance for most of 2023, but that could soon change.
That’s because Ethereum is finally joining the bullish price action in crypto, setting a new high for 2023.
The move is also a local higher high. A series of higher lows and higher highs is the pure definition of an uptrend. Ether has also complied with the ever-higher low market structure.
Ether makes new 2023 high, breaks up out of ascending triangle | ETHUSD on TradingView.com
ETHUSD ascending triangle targets $3,000 to $4,000
If you leave $2,000 above that after weeks of consolidation, $3,000 immediately comes into play. Ethereum is also breaking out of the 18-month ascending triangle pattern on the upside, with a target of $4,000 per ETH.
If the top altcoin reaches such levels again, given the recent momentum in the crypto market, it has a high chance of reaching new all-time highs.