Ethereum’s native token, ether (ETH), may have found a path to a record high of $5,200 after breaking out an “ascending triangle” price pattern, according to technical analysis by Kraken OTC. ETH, the second-largest cryptocurrency by market value, topped the $3,000 mark early this week, establishing a foothold above the horizontal trendline connecting August 2022 and April 2023 highs. The trendline, along with the upward-sloping bottom line connecting June 2022 and November 2022 lows, comprised an ascending triangle formation on the weekly price chart. In other words, bulls have pushed through a long-standing resistance, regaining market control after a series of higher lows showing a gradual decline in bears’ strength.
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