Ethereum Price Prediction, Is Price Ready to Embark on a Bullish Run
- Bitcoin and Ethereum saw a recent dip from their highs of around $42,000 and $2,300, respectively.
- Ethereum is exhibiting strong momentum, consolidating within a bullish technical pattern that suggests potential for further gains.
- A breakout above the upper resistance level could fuel increased buying activity and extend the ongoing recovery trend.
Ethereum surpasses $2,200 against Dollar, eyes $2,275 breakout.
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According to Coingabbar Technical Analysis, A strong recovery occurred from the 23.6% Fib channel, with buyers defending the $2,200 level against sellers.
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Resistance is observed around $2,300, presenting a challenge for further upward movement in ETH.
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Bulls aim to drive the price to a significant overhead resistance at $2,460 in the short term.
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RSI is entering the overbought region, suggesting a potential for a short-term pullback or consolidation.
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A breakthrough of this resistance may finalize an ascending triangle, signaling a bullish trend. The pattern's completion suggests a target price of approximately $2,800.
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On the downside, a fall below the 23.6% Fib may weaken bullish momentum, possibly leading to a decline toward the crucial $2,000 mark
KEY LEVELS :
RESISTANCE LEVEL : $2,250-$2,300
SUPPORT LEVEL : $2,150-$2,100
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
