Ethereum breaks through key resistance and exceeds the symbolic threshold of $3,000. Let's take a look at the future prospects for ETH together.
Ethereum (ETH) price situation
After suffering a significant decline, the price of Ethereum began a period of consolidation in the form of an ascending triangle. After crossing the high part of this consolidation at $2,820, the price of the cryptocurrency soared to reach $3,400. Interestingly, this level represents notable resistance, as evidenced by past pivot points. Unfortunately, reaching this threshold generated selling interest, preventing it from being crossed. Thus, the crypto is now in a short-term consolidation period, hovering between $3,200 and $3,000.
At the time of writing, Ethereum is trading around $3,130. Cryptocurrency continues to evolve in a consolidation zone. Concerning the trend of Ethereum, it seems to become bullish again in the short, medium and long term. ETH has returned above its monthly VWAP and a zone of significant value. However, the moving averages do not yet fully confirm this direction, as they remain crossed to the downside. Paradoxically, this could suggest greater expansion ahead for Ethereum price.
In terms of crypto's bullish momentum, we are seeing a notable recovery, although this was temporarily affected by a slight correction in Ethereum. This is reflected as much in its price as in its oscillators.
The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.
Ethereum (ETH) price forecast
- If the price of Ethereum remains above the $3,000 zone, a bullish continuation could be anticipated, with a recovery target around $3,450 and the next resistance to watch around $3,510. If this upward movement continues, a potential crossing of $4,000 could be considered, representing an increase of around 26%.
- If Ethereum fails to hold above $3,000, a pullback towards $2,750 could be on the cards. The next key support, in case the bearish movement continues, would be around $2,360, or even $2,300, implying a decline of around 26%.
Conclusion
Ethereum is showing signs of recovery after a period of decline, currently trading in a short consolidation zone. Although the trend seems to be turning bullish again, technical signals remain mixed, suggesting potential for future progression. The overall dynamic remains positive despite some temporary corrections. Thus, it will be essential to carefully monitor the price reaction at key levels in order to validate or adjust current forecasts. Finally, remember that these analyzes are based solely on technical criteria, and that the price of cryptocurrencies can evolve quickly depending on other more fundamental factors.
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