Ethereum eyes a breakout, and bulls could be preparing to pounce in

Ethereum eyes a breakout, and bulls could be preparing to pounce in
фото показано с : coinjournal.net

2022-7-16 14:08

Ethereum remains intact at above $1,000 despite hot inflation numbers

The price gained by double digits on Friday

Ethereum has formed inside bars and is gearing for a breakout

Ethereum ETH/USD remains in a bear market despite double-digit gains on Friday. However, Ethereum lovers have something to be optimistic about its price. 

Ethereum has kept the $1,000 level intact. This is good news considering that the cryptocurrency was weighed by the inflation data on Wednesday. At the current $1,198, Ethereum is still pushing higher. A higher than expected 9.1% inflation jump rattled markets. At the very least, cryptocurrencies were expected to remain suppressed due to high inflation. The latest gains in Ethereum confirm that investors are developing a thick skin. It means that the cryptocurrency has somewhat started to price in the high inflation environment.

We cannot confirm that Ethereum is bullish after the latest gains. However, we believe the cryptocurrency is heading for a major breakout. The breakout will usher in a bullish era and end speculations of a potential slump to as low as $700. The chart below reveals it all.

Ethereum forms inside bars at key support

Source – TradingView

On the weekly chart, Ethereum has formed multiple inside bars at minor support of $1,000. The inside bars are a communication of market indecision. However, we are drawn to the fact that Ethereum has been in a bearish market. The indecision is a potential indication of bear exhaustion and entry of buyers. Furthermore, the price has been gaining, suggesting a potential bullish reversal.

A potential breakout of the inside bars from the mother bar will make Ethereum bullish. The breakout will occur at around $1,440, allowing ETH to reclaim another support. 

Concluding thoughts

Ethereum’s breakout of the inside bar pattern will confirm a bullish reversal. Buyers will be safe buying at around $1,440, which will be the support after the breakout.

The post Ethereum eyes a breakout, and bulls could be preparing to pounce in appeared first on CoinJournal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 3354.48 (+0.19%)
Объем 24H $50.409b
Изменеия 24h: 9.13 %, 7d: 8.14 %
Cегодня L: $3354.48 - H: $3354.48
Капитализация $403.972b Rank 2
Цена в час новости $ 1202.52 (178.95%)

ethereum preparing pounce breakout eyes could bulls

Источник: coinjournal.net

ethereum preparing → Результатов: 104


Ethereum’s Hard Fork ‘Muir Glacier’ Launches In 2 Days, Will The ETH Community Be Prepared?

While the entire world is preparing for the New Year, Ethereum has scheduled Muir Glacier, its long-awaited hard fork, for January 1 of the year 2020. The Ethereum (ETH) Istanbul hard fork that happened just a few weeks ago didn’t make things easier when it comes to Ethereum’s so-called “difficulty bomb”, so many are expecting […]

2019-12-30 22:01


дальше еще 55 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum gains 7% to surpass $3.3K: what analysts are saying

Ethereum has jumped by more than 7% in the past 24 hours to break above $3,350. The top altcoin’s price gains come after Bitcoin spiked to its highest-ever mark above $98k on Thursday morning. While ETH has failed to master a significant rally in the wake of Bitcoin’s surge in the past month, the market’s […]

Bitcoin And Ethereum Now Treasury Reserves For International Healthcare Group Cosmos

In the wake of President-elect Donald Trump’s victory on November 5, there has been a notable surge in interest surrounding Bitcoin (BTC) and other digital assets. This trend is prompting global firms and governments to explore integrating leading cryptocurrencies into their treasury reserves, a shift that reflects a broader acceptance of digital currencies, particularly in the […]

Spot Bitcoin ETFs see negative day with $400.6m net outflows

Spot Bitcoin exchange-traded funds in the United States experienced an outflow day on Nov. 14, ending their six-day inflow streak that had brought over $4.73 billion into the funds. According to data from SoSoValue, the 12 spot Bitcoin ETFs recorded…