$ETH Forms Long-Term Ascending Triangle, Targets $9,200 Rally

Ethereum ($ETH) is presenting a crucial technical market outlook in terms of price performance. Ethereum ($ETH) is witnessing the formation of a robust long-term ascending triangle pattern. As per the data from the crypto analyst, Aksel Kiber, CMT, the leading altcoin is eyeing a breakout to the staggering $9,200.  This denotes a significantly bullish outlook for Ethereum after the recent pullback.

$ETH Years-Long Ascending Triangle, Targets Breakout to $9,200

The market data reveals that Ethereum ($ETH) is going through the formation of a long-term ascending triangle. Hence, the top altcoin is targeting the noteworthy $9,200 spot in terms of price amid a years-long gradual upward movement. Particularly, this is quite optimistic following Ethereum’s decline from $4,840 to almost $3,405.01. So, the traders are advised to hold on while the market is approaching the next target.

Resistance at $4,840 Hinders Ethereum’s Upward Trajectory

According to Aksel Kiber, CMT, the market statistics display a years-long ascending triangle formation. The analyst anticipates the respective triangle to extend into the year 2027. Additionally, Ethereum is also predicted to hit $9,200 by the end of this triangle. However, Ethereum is facing a critical resistance at the $4,840 spot as the price has recurrently tested this level. Keeping this in view, as soon as the flagship altcoin remains successful in breaching this resistance, it could eventually jump to the aforementioned price target.