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Ethereum price movement is showing a triangular convergence pattern, and market participants are closely following potential breakout trends.
Technical analysis shows that Ethereum has completed an "ascending triangle" formation on the hourly chart. At the same time, the MACD indicator continues to show a golden cross, and the Bollinger Bands are constantly expanding, with the bandwidth exceeding 2%. The combination of these technical indicators suggests that the market may soon experience significant volatility.
Analysts point out that if Ethereum can firmly stand above the $4,350 mark, it may confirm a breakout of the Wyckoff accumulation pattern. In this case, the next potential target range could fall between $4,500 and $4,800, based on the measurement results of the symmetrical triangle formation.
At the same time, the entire cryptocurrency market seems to be experiencing a surge. Bitcoin's market capitalization has surpassed that of e-commerce giant Amazon, once again crossing the $120,000 threshold. Ether is also not to be outdone, breaking through the important psychological barrier of $4,300.
However, investors are also closely following the upcoming CPI (Consumer Price Index) data, which could have a significant impact on the entire financial market, including the cryptocurrency market.
Despite the generally optimistic market sentiment, experts remind investors to remain cautious, closely follow market changes, and manage risks effectively.