In particular, renowned cryptocurrency trading expert Ali Martinez highlighted that ETH has been trading within an ascending parallel channel since June 2022, forming a pattern that could pave the way to a target of $6,000.
An ascending parallel channel is a bullish pattern that indicates higher highs and higher lows, suggesting a sustained upward momentum and a long-term upward trend. Price consolidation within the channel often creates buying opportunities.
As long as the channel remains intact, it signifies continued growth and potential breakouts. The analyst noted that the price of Ethereum consistently adheres to this pattern.
Recently, Ethereum faced resistance around the $4,000 level, resulting in a temporary pullback. However, the channel's median line proved to be a reliable support zone, preventing a more significant decline.
Martinez stated that this support at the median line is crucial for reaching the all-time high target. Notably, this target of $6,000 coincides with the upper boundary of the channel, suggesting a potential surge of over 50% from current levels.