Buyers seem to be winning the battle this week. Indeed, Ethereum has gained 11% since Tuesday, and is on course to end the week in the green. The start of the long-awaited bull-run, or a simple correction? Check out this analysis.
Ether gains 11% since Tuesday
Since Tuesday’s low, the second-largest crypto by market capitalization has started a short-term bullish trend. This rise has seen Ether gain 11% in value so far. This scenario was considered in our previous analysis on Ethereum. Based on this analysis, the current rise could continue up to $1290. Indeed, no major hurdle stands against buyers up to this level. However, this level may not act as resistance. In this case, we could envisage a future medium-term bull-run on Ethereum.
Given the current position of the price of ether, it is very likely that it will end the week in the green. In addition, we also note the absence of economic news that could lower its price. However, we will have to prepare for great volatility for the next week.
The beginning of the bull-run or correction?
The current rise could very well be the start of the long-awaited bull-run for Ethereum. Indeed, the crypto community expected the value of this crypto to explode after the Merge. It could be that this price explosion started on Tuesday. If this is the case, we can consider the breakout of the resistance at $1290. Thus, we can see ether at $1600 before the end of the year.
However, it should be noted that the long-term structure of Ethereum is nothing like a bull-run. Indeed, sellers have taken control since the Merge. This leads us to believe that the current rise is only a corrective movement. If so, we can envision that pressure from the sellers could potentially drive ETH to $1000 or even into the triple-digit territory. Indeed, it is the only major support, which is also a psychological level. This is thus an ideal area for buyers to push the price into a bullish rally.
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