Will Ethereum Price Hit $2,000 Next Week?
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The price of Ethereum remains on the sidelines throughout the day. The price has risen nearly 15% over the past four days, suggesting a likely continuation of the rally outside of consolidation.
- Ethereum price is trading with a positive bias in a very tight range.
- $1,720 remained a critical challenge for the bulls to attack.
- However, the bullish formation on the weekly chart suggests a bullish bias.
Ethereum price turns north
Ethereum saw a miraculous recovery at the swing low of $882. On the weekly chart, ETH price formed a bullish “AB=CD” pattern. A rising ABCD pattern during a decline indicates a possible price reversal, signifying the beginning of an uptrend.
The three price swings involve a decline in price from level A to level B, a correction from level B to level C, and another decline from point C to level D. Finally, it creates a zigzag pattern with point D as the final entry point.
According to this formula, we can set a profit target of ($2,200) or ($3,550). However, if a strong movement is detected, Fibonacci retracement levels can also be used in the same timeframe.
On the downside, a break of the stop-loss order at $1,500, the price may fall towards $1,200.
On the weekly chart, Ethereum bulls are facing a challenge near the 20-day exponential moving average at $1,690. As the price produces a daily close above this level, we saw good upside momentum to meet the stated targets.
Ethereum price on the 4-hour chart made a breakout from the inverse “Head & Shoulder” pattern. After falling from $2,030 to $1,423, the coin recovered quickly and now even formed a reversal pattern.
Also read: http://What Are the Odds Of Ethereum Merge Failure?: Experts Predict
The price created the neckline of that pattern and the resistance of the 200-day exponential moving average.
If the price stays above a certain level on the daily chart, we can expect a good bullish momentum up to $2020.
The nearest support may lie near $1,570, while the most comparable resistance is $1,750. Price is more likely to make aggressive offers.
Conversely, a bearish change can ruin any upside prospects for an altcoin. A break below the $1570 level would moderate the bullish sentiment. And the price could drop to $1,420.
Ethereum price analysis is bullish on multiple timeframes. A crucial break above $1,750 on the hourly time frame makes a short trade the most advantageous course of action for sidetracking investors.
At press time, ETH/USD is at $1,720, up 0.6%.
The presented content may contain the author’s personal opinion and is subject to the market situation. Do market research before investing in cryptocurrencies. Neither the author nor the publication is responsible for your personal financial loss.
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