The cryptocurrency market is trending bearish on the short-term, keeping Bitcoin and Ethereum prices at bay after an enormous Q1 2021 rally. But there is no telling if the bull market is officially over, or if a bounce could materialize into a larger recovery.
An ascending triangle pattern and long-term trend line could provide a clue as to what might happen next, and it just so happens to match a pattern from the last cycle that took Ether to its bull market peak.
The Ethereum Fractal That Could Keep The Bull Run Climbing
Ethereum’s recent local top set back in April around $4,400 might not have been the bull cycle peak, according to a potentially bullish structure forming with each retest of support lower.
Although the ETHUSD trading pair appears rather bearish and sentiment is at extreme fear, the altcoin is setting a higher low on daily timeframes and remains more than $1,000 more than lows set only months ago. The structure of higher lows and rising support, capped off by the same resistance level several times, could have painted an ascending triangle pattern on the trading pair – a chart pattern that almost exactly matches a mid-cycle retracement during the last bull run.