Ethereum Surpasses $2,500: Ethereum has shown a strong bullish trend, surpassing the psychological mark of $2,500, indicating growing investor confidence.
Consistent Weekly Gains: Over the past two weeks, ETH has gained momentum with a 7.53% increase last week and a 5.8% jump the previous week, contributing to its upward trajectory.
Falling Wedge Breakout: On the daily chart, Ethereum has broken out of a falling wedge pattern, a bullish reversal signal suggesting continued upward movement.
Six Consecutive Bullish Candles: The price action reveals six bullish candles in a row, accounting for a 15.67% price jump over seven days.
Surpassing Key Resistance Levels: ETH has surpassed the 23.60% Fibonacci level and the 50-day EMA, reinforcing the bullish sentiment in the market.
Current Trading Status: Ethereum is currently trading at $2,654, with an intraday gain of 2.91%, maintaining dominance above the 23.60% Fibonacci level.
Targeting the 200-Day EMA: The uptrend is likely to challenge the 200-day EMA near the 38.20% Fibonacci level at $2,860, which is a critical resistance point.
Weekly Chart Bullish Reversal: On the weekly chart, ETH shows a V-shaped reversal from the 200-week EMA, testing the 50-week EMA, indicating a potential long-term bullish trend.
Approaching 50% Fibonacci Level: The price is close to challenging the 50% Fibonacci level at $2,850 on the weekly chart, suggesting further upward potential.
Technical Indicators Support Uptrend:
EMA Signals: The uptick in the 50-day EMA increases the likelihood of a golden crossover with the 200-day EMA, a strong bullish indicator.
RSI Momentum: The RSI on the daily chart is approaching the overbought boundary, surpassing the 50% level, while the weekly RSI is reversing bullishly from the 37.84 level.
Potential to Cross $3,000: With the current momentum and technical indicators, ETH is likely to target $3,091 and $3,321, potentially crossing the $3,000 mark before October.
Support Levels to Watch: Key support levels are identified at $2,500 and $2,100, which could serve as strong foundations in case of a price pullback.
Consistent Weekly Gains: Over the past two weeks, ETH has gained momentum with a 7.53% increase last week and a 5.8% jump the previous week, contributing to its upward trajectory.
Falling Wedge Breakout: On the daily chart, Ethereum has broken out of a falling wedge pattern, a bullish reversal signal suggesting continued upward movement.
Six Consecutive Bullish Candles: The price action reveals six bullish candles in a row, accounting for a 15.67% price jump over seven days.
Surpassing Key Resistance Levels: ETH has surpassed the 23.60% Fibonacci level and the 50-day EMA, reinforcing the bullish sentiment in the market.
Current Trading Status: Ethereum is currently trading at $2,654, with an intraday gain of 2.91%, maintaining dominance above the 23.60% Fibonacci level.
Targeting the 200-Day EMA: The uptrend is likely to challenge the 200-day EMA near the 38.20% Fibonacci level at $2,860, which is a critical resistance point.
Weekly Chart Bullish Reversal: On the weekly chart, ETH shows a V-shaped reversal from the 200-week EMA, testing the 50-week EMA, indicating a potential long-term bullish trend.
Approaching 50% Fibonacci Level: The price is close to challenging the 50% Fibonacci level at $2,850 on the weekly chart, suggesting further upward potential.
Technical Indicators Support Uptrend:
EMA Signals: The uptick in the 50-day EMA increases the likelihood of a golden crossover with the 200-day EMA, a strong bullish indicator.
RSI Momentum: The RSI on the daily chart is approaching the overbought boundary, surpassing the 50% level, while the weekly RSI is reversing bullishly from the 37.84 level.
Potential to Cross $3,000: With the current momentum and technical indicators, ETH is likely to target $3,091 and $3,321, potentially crossing the $3,000 mark before October.
Support Levels to Watch: Key support levels are identified at $2,500 and $2,100, which could serve as strong foundations in case of a price pullback.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.