Ethereum price has strong technicals

📉Short-term charts show that Ethereum price may have a strong bearish breakdown after forming a death cross pattern. This pattern forms when the 50-day and 200-day moving averages cross each other.

However, a closer look at longer-term charts points to a potential ETH price rebound. The weekly chart above shows that the accumulation and distribution indicator has continued rising, signalling that investors have continued to accumulate the token.

It also shows that it is forming an ascending triangle pattern, which is made up of two parts: an ascending trendline and a horizontal resistance. A bullish breakout happens when the two lines near their convergence. ETH has also formed a megaphone pattern, another bullish sign.

The challenge is that the bullish breakout may take time since it is on the weekly chart. Signals on a weekly chart may take months or over a year to complete.

A bullish breakout above the upper side of the triangle at $4,061 will point to more gains, possibly to the all-time high of $4,945 followed by $5,000.
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