Ethereum: Formed a Right-Angle Broadening Formation

Hello guys!

Pattern Identified:
This is a Right-Angle Broadening Formation (characterized by a flat resistance level at the top (around $4,200 – $4,300) and a rising lower trendline). It shows increasingly volatile swings upward while repeatedly testing the same ceiling.

Technical Implication:
RABFs are typically bullish continuation patterns. The flat top acts as a breakout trigger, while the rising base indicates consistently higher lows and aggressive buyer support.

Price Objective:
According to the pattern’s measured move principle, the breakout target is projected by the vertical height of the formation, added to the breakout point:

• Height : $2,070
  
• Breakout point : $4,300
  
• Target : $6,370 (first objective)
  
• Extended bullish run could reach $8,500 if momentum sustains.
  

Key Levels:

• Resistance: $4,200 – $4,300 (breakout trigger)
  
• Support: $3,700, then $3,200
  
• First measured target: $6,370
  
• Extended target: $8,500
  

Bullish Scenario:
Strong daily close above $4,300 with volume could kickstart a rapid move toward the first target, possibly with only a brief consolidation at $5,100 before continuation.