Kraken OTC Analyst: Ethereum's breakout from the triangle pattern may drive it to a new high of $5200
On February 22nd, according to CoinDesk, an analyst from the cryptocurrency trading platform Kraken OTC stated that "based on technical analysis, Ethereum may have found a path towards reaching the all-time high of $5200, which is a conclusion drawn after breaking out of an 'ascending triangle' price pattern. Ethereum, ranked second by market capitalization in cryptocurrencies, broke through the $3000 mark earlier this week and established a foothold above the level trend line connecting the highs in August 2022 and April 2023. This trend line along with the upward trend line connecting the lows in June 2022 and November 2022 form an ascending triangle pattern on the weekly price chart. In other words, the bull market has broken through long-standing resistance, regained control of the market after a series of higher lows, and shown that bearish forces are gradually weakening."
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