In a new post on X, analyst Ali Martinez points out that the 1-week price of Ethereum has been following an ascending channel pattern during the last couple of years which, if the pattern holds, could push ETH to $6,000.
As displayed in the above graph Martinez notes that:
- the 1-week Ethereum price has recently been retesting the bottom level of this potential Ascending Channel pattern and
- the last few times ETH has made a retest of this line it has historically led to an average 130% price increase for Ethereum so,
- if the Ascending Channel continues to hold, a similar move could push ETH to $6,000—provided the $2,300 support level stays intact. Source
