Ethereum Price Prediction, Wave-Maker or Hope-Shatterer for ETH
- Ethereum rebounds above $2,100 as the US SEC explores discussions on approving a spot Ethereum ETF.
- Contrary to market expectations on Friday, Federal Reserve Chair Powell refrains from immediate interest rate cuts.
- Surpassing the $2150 resistance may mark the initiation of a fresh uptrend, potentially testing previous highs.
ETH faces challenges in surpassing the 20-month barrier around $2,140.
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According to Coingabbar Technical Analysis, Ethereum has consolidated over several months, establishing an ascending triangle pattern.
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On the 4-hour chart, ETH price continues to trade within this ascending triangle setup.
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ETH has seen a gradual recovery in the last 20 months within a rising wedge pattern.
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Historically, the upper trendline of this pattern has induced heightened supply pressure, causing notable corrections.
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The ongoing upward movement towards the upper trendline requires a decisive breakout to confirm a bullish trend.
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A successful breakout has the potential to drive prices up to the $3600 mark.
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The critical question remains unanswered: Will bulls overcome the 20-month high, or will they encounter selling pressure?
KEY LEVELS :
RESISTANCE LEVEL : $2,140-$2,200
SUPPORT LEVEL : $2,060-$2,020
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.
