Ethereum (ETH) Flexes Its Muscles: What the Recent Rally Means for Traders

2023-12-4 01:07

Ethereum’s native token ETH has seen a strong start to December, surging to a new yearly high around $2183 over the weekend. This marks a notable breakout after a prolonged period of rangebound price action between $1200-$1400 throughout the end of 2022.

What’s driving this renewed momentum? According to prominent crypto analyst Ali, the key support level of $1900-$2100 is likely acting as a price floor. Data shows nearly 44 million ETH were acquired in this range across 5.85 million wallets. As such, Ali suggests Ethereum’s surge above $2000 makes it a “prime buying moment” with the potential for the $1900-$2100 zone to now provide multi-year support.

Ali sees even more upside potential if Ethereum can sustain its breakout on a weekly timeframe. Specifically, he notes “If $ETH secures a sustained weekly candlestick close above $2,150, the path might be set for an exciting uptrend.” In terms of price targets, Ali suggests Ethereum could start “marching towards $2,600, and possibly even soaring to $3,500!”

This underscores the significance of Ethereum’s recent move if it manages weekly closes above $2150. Not only would this confirm the breakout, but open the door for a rally back towards its 2022 high of $2800. And with momentum firmly shifting positive, Ali believes further gains towards $3500 cannot be ruled out if ETH triggers sustains this higher pricing level in the weeks ahead.

Fellow analyst Bluntz echoed this bullish sentiment, noting Ethereum looks poised to “finally get a strong weekly close above a 530+ day range.” Bluntz sees similarities with how other cryptos like Chainlink have staged upside breakouts after long periods of consolidation.

Checking the daily RSI of 55, this shows Ethereum has room to run before hitting overbought territory. As a momentum oscillator, RSI below 70 is generally seen as having space for further gains without being at extreme risk of mean reversion.

Read also:

Chainlink Whales Accumulate for a Rally as LINK Turns Bearish Across All Timeframes: Here’s the Next Price Target Solana Analyst Remains Bullish Despite Concerning On-Chain Metrics, as SOL Bears Aim to Breakdown This Crucial Resistance Why Is Alchemix (ALCX) Pumping? Analysts Confirm Price Still Has up to +100% Room to Run

Analysts are growing increasingly bullish on Ethereum as it shows follow-through after breaking key resistance. The network effects remain strong with nearly 6 million wallets having bought between $1900-$2100. All eyes will be on whether Ethereum can maintain this breakout and set the stage for an assault on 2022 highs around $3500.

We recommend eToro 74% of retail CFD accounts lose money. Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy thetrades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.

The post Ethereum (ETH) Flexes Its Muscles: What the Recent Rally Means for Traders appeared first on CaptainAltcoin.

origin »

Ethereum (ETH) на Currencies.ru

$ 2285.17 (-1.65%)
Объем 24H $26.201b
Изменеия 24h: 0.18 %, 7d: -16.93 %
Cегодня L: $2285.17 - H: $2374.96
Капитализация $275.541b Rank 2
Цена в час новости $ 2218.23 (3.02%)

ethereum eth marks notable breakout 2022 weekend

ethereum eth → Результатов: 126


Трейдеры ждут восстановления Ethereum

Ethereum (ETH) торгуется ниже $3 500 уже семь дней, что является следствием более широких медвежьих настроений на крипторынке. Цена упала на 13% от максимума $3 744, достигнутого 6 января Несмотря на недавнее падение цены ETH, ключевые ончейн-индикаторы показывают, что держатели Ethereum сохраняют оптимизм в отношении краткосрочных перспектив альткоина.

2025-1-15 09:03


Анализ: Когда Ethereum вернется к $4 000

Обстоятельства вокруг Ethereum (ETH) складываются весьма благоприятно — текущая поддержка инвесторов и бычьи сигналы ключевых индикаторов готовы обеспечить криптовалюте твердую почву, благодаря которой Эфир сможет вернуться к максимумам 2024 года Разбираемся, что происходит на рынке Ethereum (ETH) и когда ждать прорыва ключевых уровней.

2025-1-7 13:55


Фото:

Ethereum Spot ETFs Attract Record $295 Million Daily Inflows – Is ETH Set For New Highs?

Ethereum (ETH) appears to be finally waking from its slumber, surging nearly 37% in the past week following Bitcoin’s (BTC) all-time-high (ATH) rally. Spot Ethereum ETFs Record Daily Inflows Ethereum, the second-largest cryptocurrency with a market cap of approximately $404 billion, is now gaining ground on BTC, with the platform’s ETH token jumping more than 35% over the past week.

2024-11-13 12:30