Ethereum Price Prediction, Bulls surge, bullish pattern intact
- Ethereum is on a bullish trend in recent weeks, consistently trading above the critical $2,000 support level.
- Currently, Ethereum is surpassing both the $2,050 level and the 50-hourly Simple Moving Average.
- The $2,150 resistance level is being tested for the second time this month, and a successful breakout could pave the way for Ethereum to rally and reach new highs.
Ethereum consolidates gains; Breaking $2,150 may trigger a rally.
According to Coingabbar Technical Analysis, Ethereum's current price is positioned above the Bullish Flag pattern on the daily chart.
A Doji pattern emerged on the daily chart yesterday, indicating a point of indecision and potential market uncertainty.
A decisive break above $2,150 could initiate a significant uptrend, targeting resistance levels at $2,200, $2,250, and potentially reaching $2,320.
Conversely, if Ethereum fails to surpass the $2,150 resistance, there is a risk of a downward correction.
Initial support is at $2,050, followed by a key support at $2,000, aligning with the 50% Fibonacci retracement level.
Further downside, particularly below $1,980, may lead to a decline toward the $1,920 support zone
KEY LEVELS :
RESISTANCE LEVEL : $2,140-$2,200
SUPPORT LEVEL : $2,050-$2,000
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.
