With the Merge approaching, does Ethereum have a surprise for the bears? Analyst IamCryptoWolf noted a technical setup that could eventually see $4K ETH. (Reporting via bitcoinwallah)
The analyst envisioned ETH moving inside a, which comprises a horizontal trendline resistance and rising trendline support.
Notably, ETH's latest retest of the structure's lower trendline could initiate a big rebound toward its upper trendline, which sits around the $4,000-level, as shown below.Wolf took his bullish cues from a similar triangle setup from 2016, whose formation preceded a major bull run from $1 to $27. Similarly, another ascending triangle occurrence in 2017 coincided with a bullish follow-up, wherein ETH/USD rose 270% to over $1,500.
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