Analyst Predicts Ethereum (ETH) May Be Gearing Up for Upside Swing
Crypto analyst Jason Pizzino predicts Ethereum (ETH) may be gearing up for a significant move to the upside, according to a recent video update. Pizzino, with a substantial following on YouTube, points to Ethereum’s average true range (ATR) as an indicator of potential volatility and a forthcoming breakout.
As ETH continues to show lower highs and higher lows, Pizzino suggests that the market is primed for another move upwards. He notes that as the bull market progresses, these periods of consolidation before a breakout become shorter and shorter, indicating a potential imminent surge in price.
Analyzing the chart, Pizzino anticipates that Ethereum’s ATR will decrease as it trades within a triangle pattern, a common sign of a continuation pattern before a significant price movement in the direction of the prevailing trend. He warns traders to stay vigilant as ETH could take off suddenly, leaving them on the sidelines.
At the time of writing, Ethereum is trading at $3,502, showing a slight increase over the last 24 hours. Pizzino emphasizes the importance of monitoring Ethereum’s ATR closely, as he believes the altcoin is aligning with other strong performers in the market.
With the potential for Ethereum to make a significant move in the near future, investors and traders are advised to stay informed and prepared for potential price swings in the cryptocurrency market.
