2024-11-29 22:30 |
The Ethereum (ETH) price rallied by about 10% on Wednesday to clear the $3,550 resistance zone very swiftly. Interestingly, this bullish price action has led to a bullish signal on a popular indicator used for predicting price outlook. Notably, the SuperTrend buy signal has resurfaced, bringing into question Ethereum’s potential to replicate its past performance after such a signal and move toward the $7,500 price level.
Crypto Analyst Highlights The Significance Of The SuperTrend Buy SignalRenowned crypto analyst Tony “The Bull” Severino, CMT, took to the social media platform X to highlight the reemergence of the SuperTrend buy signal on the Ethereum price chart. Particularly, this SuperTrend buy signal was noted on the weekly candlestick timeframe, meaning that the projected bull surge is going to play out on a larger time period.
Tony Severino pointed out the historical impact of the SuperTrend buy signal, stating, “Ether did a 120% rally after 2023’s buy signal. Another 120% from today’s signal would be $7,500 per $ETH.”
The SuperTrend indicator, which is designed to identify clear buy or sell signals based on market trends, previously highlighted a buy signal for ETH in early 2023. During that time, the Ethereum price was trading around $1,300. Although the Ethereum price dipped a bit after the buy signal when observing from a smaller time period, it eventually picked up steam in the last quarter of 2023.
From that point, the Ethereum price surged by around 170% from a low of $1,536 in October 2023 until it crossed above $4,000 in March 2024, essentially validating the weekly SuperTrend buy signal. In light of this, its reliability as a directional guide has earned it a respected place among technical analysts and traders.
Today, the SuperTrend buy signal has reappeared after printing a sell signal earlier in the year. If the Ethereum price mirrors its 2023 performance, a 120% rally from its current price range would bring it to approximately $7,500. In terms of a timeframe, we can only look towards the previous price performance. Therefore, the Ethereum price could reach its peak sometimes in the middle of 2026.
Technical Analysis Supports The Bullish Outlook For Ethereum To $7,500
Building upon the SuperTrend signal, other technical indicators further reinforce Ethereum’s bullish outlook. Recent analysis shows that ETH has established a strong upward movement, maintaining levels above the key support at $3,250 and approaching resistance zones near $3,685.
The hourly Relative Strength Index (RSI) is reading around 50, suggesting that ETH has not yet entered overbought territory. Additionally, the Moving Average Convergence Divergence (MACD) for ETH/USD is gaining momentum in the bullish zone, indicating a potential for continued upward momentum.
At the time of writing, the Ethereum price is trading at $3590, having reached an intraday high of $3,682 in the past 24 hours.
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