With two major bullish patterns appearing, Ethereum is hitting an all-time high. According to analysts Ethereum (ETH) for crazy price on the way!
Technical patterns dominating the chart offer optimistic targets at $6,015 and $6,365. A daily close above $3,960 will add confidence to the bulls’ expectations for $6,000.
Ethereum price is hovering around a key support level that previously acted as resistance for ETH as the bulls held their breath before continuing its rally. Second largest by market value cryptocurrency As long as the unit stays above $3,960, there is a 60% gain on the radar.
Ethereum (ETH) showed two major bullish technical patterns, an ascending parallel channel and a “cup and handle pattern” on the daily chart. Commenting on the initial chart pattern, analysts will mark the upper boundary of the channel at $6,015, which coincides with the 161.8% Fibonacci extension level of ETH, possibly representing a 48% climb.
Commenting on the cup and handle chart pattern, analysts indicate that the projected target for Ethereum price is $6,365, predicting a 60% rally. While the two technical patterns create an upbeat outlook for ETH, ETH could face a headwind at the all-time high of $4,369, which corresponds to the middle border of the parallel channel.
Additional hurdles could arise at the 127.2% Fibonacci extension level at $5,092, followed by the 161.8% Fibonacci extension at $6,015.
Ethereum price will seek support at the support trendline at $3,960, then at the 78.6% Fibonacci retracement level at $3,797. The lower support line will emerge at the 21-day Simple Moving Average (SMA) at $3,710, then the 50-day SMA at $3,453, and eventually drop towards the lower border of the ascending parallel channel at $3,349 meeting the 61.8% (Fibonacci support level). according to).
If Ethereum price fails to hold above the support levels outlined above, the bullish view could be invalidated and cause ETH to drop to the 100-day SMA at $3,137.
ETH bulls are aiming for a daily close above $3,960 to reinforce the commitment that a bullish target is on the horizon.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.