Technical analysis by STP_MrNodeItAll about Symbol ETH: Buy recommendation (9/11/2024)

Ethereum continues to show a bullish setup with a long-term bullish pennant pattern forming on the chart. Based on Fibonacci extension levels, we can project both conservative and aggressive price targets, with the potential for a blow-off top around $20,000, aligning with the 200% Fibonacci retracement level.Key Technical Highlights:Pattern: Bullish Pennant (Continuation Pattern)Current Price: ~2.2k-2.3kFibonacci Extension Levels:1.272 Extension: $7-7.5k1.414 Extension: $7.5-9.3k1.618 Extension: 10k-13K200% Retracement: $20,000 (Potential blow-off top target)Why this setup is promising:Bullish Pennant: Ethereum’s price consolidation within this pattern suggests a bullish continuation, with Fibonacci levels offering reliable price targets.Strong Fundamentals: Increasing on-chain activity, network upgrades, and growing institutional interest support the potential for higher price action.Volume Contraction: Volume has been contracting during the consolidation, a common precursor to a breakout.Strategy:Entry: Consider entering on a confirmed breakout above 2.7k with strong volume.Stop Loss: Below 2k for risk management.Disclaimer: This is not financial advice. Always conduct your own research before making investment decisions.