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Ethereum’s Strong Support Suggests a Breakthrough to $4,867
Ethereum has yet to return to its all-time high for over three years, a stark contrast to Bitcoin, which has surged past many price levels in the current cycle. Despite being the second-largest cryptocurrency, Ethereum has struggled to keep up with the broader market even during price rallies. However, a new technical outlook suggests that Ethereum may soon break free from this underwhelming trend and push toward $4,867 based on a strong meeting of multiple technical indicators.
Extremely Strong Support Shows Ethereum Breakout Is Close
A technical analyst on the TradingView platform has revealed that the Ethereum price poses a bullish outlook to finally break above its all-time high of $4,878. Ethereum is currently positioned at a key inflection point, where it is trading just above a multi-year support trendline. Notably, this trendline has acted as a solid foundation during previous downturns, allowing ETH to consistently rebound after touching this level. Given this historical precedent, the next expected move is another upward bounce, potentially setting the stage for a renewed bullish push.
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The strength of this support trendline is further reinforced by key Fibonacci levels, which have previously served as inflection points for Ethereum’s major rallies. At present, Ethereum is positioned around the 14.6% Fib retracement level from its break above $4,000 in September 2024, which is a zone that has historically caused reversals and strong bullish momentum.
Triangle Formation Confirms The Explosive Move
The analyst also noted that ETH has been trading within a triangle pattern in a multi-month timeframe. Triangle patterns often signal a period of consolidation before a strong move in either direction, and in Ethereum’s case, the supporting trendlines and Fibonacci levels suggest a higher probability of an upward breakout.
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The specific pattern forming on Ethereum’s chart is an ascending triangle, a bullish continuation pattern characterized by a rising lower trendline and a horizontal resistance zone. The upper resistance trendline for this formation sits around the $4,000 mark, a level that has proven difficult to breach three different times this cycle. However, the next try could cause a breakout if Ethereum continues to build on the growing bullish signals with the Fib level and the 50 EMA. Once Ethereum clears the ascending triangle’s upper resistance, the next primary price target would be around $4,867, its current all-time high.
Conclusion
In conclusion, the technical analysis suggests that Ethereum may soon break free from its underwhelming trend and push toward $4,867 based on a strong meeting of multiple technical indicators. The supporting trendline, Fibonacci levels, and triangle pattern all point to a higher probability of an upward breakout. With Ethereum currently trading at $2,760, up by 1.1% in the past 24 hours, the stage is set for a potential explosive move.
FAQs
Q: What is the current price of Ethereum?
A: Ethereum is currently trading at $2,760.
Q: What is the outlook for Ethereum’s price?
A: The technical analysis suggests that Ethereum may soon break free from its underwhelming trend and push toward $4,867 based on a strong meeting of multiple technical indicators.
Q: What are the key levels to watch in Ethereum’s price?
A: The 14.6% Fib retracement level, the 50 EMA, and the upper resistance trendline of the ascending triangle are key levels to watch in Ethereum’s price.
Q: What is the potential next move for Ethereum’s price?
A: The next expected move is another upward bounce, potentially setting the stage for a renewed bullish push.
