• Ethereum’s price has been trending upwards over recent weeks, leading investors to feel optimistic that a new bull market is on the horizon.
• Technical analysis shows that Ethereum’s price has broken out of the large falling wedge pattern and is currently getting rejected by the $1,920 resistance level.
• The most likely target for ETH in this timeframe is the $2,200 mark, which would be instrumental in entering a long-term bullish trend once more.
Ethereum Price Trending Upwards
Ethereum’s price has been trending upwards over recent weeks, leading investors to feel optimistic that a new bull market is on the horizon.
Looking at the daily chart, the price has been rallying higher following a decisive rebound from the 200-day moving average along with a breakout from the 50-day moving average to the upside. The 50-day moving average is currently located around the $1,850 mark and has recently supported Ethereum’s price pushing it to push further upwards.
On closer examination of Ethereum’s 4-hour chart, it appears more interesting as it has broken out of the large falling wedge pattern but is currently being rejected by resistance levels around $1,920. However, this resistance level appears to be weakening as Ethereum continues to climb towards its psychological level of $2,000. Additionally, while RSI indicates bullish momentum in place for Ethereum, stronger buying pressure will need to be seen before an eventual breakout above $2K can be expected.
$2200 Level As Target
The most likely target for ETH in this timeframe is likely to be around $2200 which would signal an entry into a long-term bullish trend once more. A breakout above this level could potentially signal further increases in prices beyond this point and break through previous all time highs (ATH).
The current sentiment among investors appear positive with many hoping that prices will continue their upward surge and eventually break through past ATH levels with strong buying pressure being seen across exchanges such as Coinbase Pro and Binance US among others. Nevertheless there are still key resistance levels which need to be taken out before any potential long term bullish trends can occur but these remain within reach for now if buyers continue their present activity levels.
Overall Ethereum’s current performance looks promising with its steady rise since June 2021 showing no signs of slowing down anytime soon however whether or not it will finally break through past all time highs remains unknown at least until we see how well it performs against key resistance points such as mentioned earlier at around $2000-$2200 range